Weekend Thread

Markets closed on their lows and SPX gave up the 1300 level. There is no question the bears are in control. S&P futures had another high volume day today... and daily timeframe indicators are now looking the most oversold since 2008-2009. That doesn't mean we can't go lower... but I'm guessing we will see some upside next week.

A few things worth noting were the Euro and Gold strength today. Gold started moving up yesterday... and after struggling a bit in the early session, the Euro followed suit today. The latest COT reports released today are showing the smart money added to S&P futures shorts. They are still heavy short and that obviously needs to be respected. That being said, the COT reports only report positions up to Tuesday... and when you see big volume in the futures like we did yesterday and today, you have to wonder if they are covering.

I don't know about you guys... but I'm anxious to get this weekend started. I hope everyone has a chance to blow off some steam this weekend and rest up... we're gonna need it.

Special early shout out to our very own gator... Happy Birthday Gator!

Friday Afternoon

FB 1 minute chart at 11:45

Well it's finally open.  While it was holding 40 when I took the picture it's now slipping well below that.  There are going to be some very po'd people.

Friday Morning

Gator's Chart of the Day: FFN

Facebook it isn't but Friendfinder Networks, Inc. just reported earnings on Monday and Thursday it caught fire.  With a target price of 7 it has a lot of room to the upside but please be aware this is a micro cap stock with a market value well under $100MM.

You may or may not be familiar with the websites they provide services for (I'm not) but if you want a hot stock for a rocket ride this could be what you're looking for.  Average volume is over 500,000 shares so it should have enough liquidity for you to get in and out.