Pre-Market 11/23/2011

Morning folks. Another gap down this morning with the spy down over 1% premarket. We are slowly grinding down here bit by bit. This was much different then some of the pullbacks in august and september that happened with a series of 3-4% down days. This past week has been much more deadly as the dips are slow and consistent luring in buyers for a potential bottom to only grind them into dust. At this point till we get some news it looks like bounces are going to get faded. We are setting up for a big rip but when it comes is all a guess. In the past its always been off some type of news off a deal, easing, money printing etc. Hard to trade sometimes when you are just waiting for a pr or a rumor but thats where we are.

No watchlist today with this gap down everything on the longside goes to crapper and all the shorts will look to extended. We are in a daytrade only mode for next few days till a bounce materializes. if it gets real nasty keep an eye on some of the ag names they look ready to really get whacked. mos, mon, agu all are near a spot. This is tricky stuff best stay in heavy cash for now take a couple positions max