I posted last Tuesday the action was getting toppy. This was confirmed Friday with the endless bounces off the lows and the parabolic nature of some financial stocks. Today we got some BAC news and we have been down from the get go. The key will be do we test the 835 support or go to the 780-800 SPX range.
Not much action today outside of a nice run on DNDN off the open. DRYS which was a huge volume winner Friday had no follow through and had no bounce at all but then the commodities such as oil are getting creamed and those are economically sensitive. Dry bulks tend to be correlated with those groups.
Watching in cash outside of some little position in SRS, which is the real-estate short etf. That is flying today along with the financial short etfs. Key will be end of the day if we get a bounce like we have pretty much every day for the last 2 weeks. Might get a slight bounce be it doesn't really squeeze back up we could blow through the low of the day.
Watching CYOU down here from that top up at 29. Very thin stock but might dollar cost average down here being how volitile it is.
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