• I sold the rest 2/3 of my long position in SPY and traded the futures intraday against it.
  • As i stated in the previous post the 200 sma and even below look like good targets now.
  • I am leaning short with SPY as just now this afternoon at 130.80.
  • Morgan Stanley (MS) is a chart worth looking at…weak as a geek.
  • As are the transports as measured by the IYT etf…right at the 200 sma.
  • Those aren’t good signs of market strength…we need a flush out before we can call it a better bottom.
  • I am surprised by how quickly Monday’s rally faded yesterday and today and that to me is a sign of weakness, period.  I never intended the countertrend rally to last too long but more than 1 day had a high likelihood.  The fact that it fizzled is weak.

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