evening folks.  Crazy week in the markets this past week with nearly a 4-5% drop across the board in the indexes. the QQQ’s were the relative strength leader with a drop of 3% and uncle russell led us down with a 5% drop.  right now we are holding right above some very key levels of support which if we break could cascade us back down to the august lows very quickly.  Key for the week once again is the news in Europe.  It had seemed that the europeans with the hundreds of billions in bailout given to the greeks had potentially put a bandaid over the situation for a short time.  Now the news flow is indicating that it wont be enough to keep the greeks out of trouble  which should be of no surprise.  when you force a country into having huge huge cuts of spending in a very short amount of time it tends to force the country into severe recession as there is no money flow from the private or govt sector.  Even after austerity measures the greeks deficit is going to be larger then last year and much larger then initial forecasts.  What these genius economists forgot to forecast was that the austerity measures given in to quick fo a dose tend to drive down gdp to such levels that there is no tax receipts!  This type of situation is going to be playing out over the next year in numerous countries.  It looks like the volatiity we are seeing could be around a while.  Its still a difficult time for swing traders so i’d keep ur overnight positons to a minimum.  Im nearly 100% cash in my retirements accounts and my families accounts too now.   We should have a bounce soon but overall the trend is down and might be flat to down fora  bit..while we base out.



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