Economic Calendar - Empire State moved the markets down this am as manufacturing came in light. Housing Market Index at 1:00. Tomorrow is bigger with Housing Starts and PPI. IMO, don't trust any housing numbers cause the inventory figures are all a lie.
Pivot Points - Know 'em. (They don't work in a flash crash, but in a somewhat docile market they are just fine.
Minis - all over the place. down 13, up 4 and now down 2. Who knows?
Monday's are usually up days. The 30m chart is a buy. Oil had a 6 handle this am before rallying to 71. Gold after peaking at 1249.80 is back down to 1230. Government Motors reports a profit (compared to what I would like to know). Some good news from the oil spill (not near enough as I expect this to be another huge lie that will become the world's largest natural disaster ever). They are trying their hardest to keep this thing propped up.
The options for the market I see are 1) a pop up to complete a possible triangle A-E count with it being in the E leg up. 2) This is a larger ABC corrective and we still have C up to complete it. 3) The fall continues from here in a dramatic fashion.
I'm slightly confused and not willing to step out on any limbs this am. Being a melt up Monday, I'm going with the 30m chart and speculate that the bulls are gonna regain some ground, but not much today. The 60m chart is a little oversold. If I get a black eye today it will be because I'm tugging on Superman's cape and spitting into the wind. The trend is down and the minis falling a brisk 13+ before recovering might be the signal of what we have in store today. The daily charts say the trend will remain down for another week or so which should partially complete wave 1 which is not near over yet.
GL out there. Be a bear! Things suck all round and don't believe one bullish lie they tell you. I'll be along with timely charts if anything pops one way or the other.
