Pre-Market 11/21/2011

Morning folks! Market looking at a nasty opening as the so-called SUPER COMMITTEE has not come to any type any type of agreement. That coupled with overseas markets getting waxed we are looking at a nice gap down.

European markets are lower in afternoon trading. Britain’s FTSE 100 lost 2.1%, Germany’s DAX slid 2.6% and France’s CAC 40 fell 2.7% on the session.
Asian stocks ended the session lower as well. China’s Shanghai fell 0.03%, Japan’s Nikkei 225 lost 0.32% and Hong Kong’s Hang Seng Index slid 1.4%.

If you guys remember all this mess started this summer with the u.s. budget talks. The rethoric of deal no deal roiled the markets and got us our first credit downgrade in history. Well these knob gobblers in Washington have done it again! Not only did they not get an agreement they havent even met since Nov 1st!

after last weeks violation of the “TRIANGLE” we are starting to have some follow through. If this zone above s&p 1200 doesnt hold we could see a potential move down to 1150. There will be some plays today though in particular pay attention to the open and see if buyers are defending this zone of support with so much negativity out there along with an oversold market we could see an opening gap reversal so stay light and opportunistic today. This is tricky stuff unless you can daytrade and move nimbly it might be best to stay on the sidelines for a week. If your one of those traders that buys things for a daytrade and then turns it into an investment as they cant or wont stop out this is not your market. Chill for a bit….