Wednesday Evening Thread

I dare not even think the words "dead cat bounce" with you-know-who in the room. But the fact remains that 2 of the market leaders, AAPL and PCLN, were unable to finish the day green. And the SP500 was unable to hold above 1370 which is both the 50 day moving average and the 2011 high.

The Nazz Composite and Nazz 100 are both above the 50 day average still, but those indices were quite extended because of AAPL and PCLN. The lack of bounce in the 2 leaders does not bode well.

Tomorrow brings the first "tech" earnings report from GOOG after the close, and Friday morning we hear from both JPM and WFC in the banking sector. For now, the bulls and bears can both say "The fat lady hasn't sung yet." Now, where's my pizza?

Wednesday Afternoon Thread

VXX - Daily Chart (11:40AM)

Looks like an equity that has found a bottom and is moving up quickly to test resistance around 26.  I have no position and that looks like a mistake.

Wednesday Morning Thread

Gator's Chart of the Day - SP-500

Just a quick look at the SP-500 ... OK, that's enough.  You can't see the volume well but it was the highest in over a week and the tallest of the last five red bars.  I've drawn several horizontal support lines and one of them is very likely to be a good buy point.  Pick the one you like and wait for it.