We discuss the bearish action today as the S&P closed at 1261.50, at its lows of the session. The selloff coincided with a spike in oil prices, which closed at a new record high. This market is being held captive by oil prices and will not rally until crude sells off. Tomorrow will be very interesting with the ECB Rate Decision at 7:45am and the Jobs Report at 8:30am.

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We discuss today’s wild ride in the market and point to some signs a short-term bottom may have been put in. This depends on what happens with oil, which put in a bearish head and shoulders reversal pattern today. We expect technology to lead this rally, as the QQQQs put in a bullish engulfing candle on huge volume.

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We discuss today’s action as we put Q2 in the books. We identify important support and resistance levels. We look the action in oil and the oversold condition of the financials. We expect a bounce ahead of the July 4th holiday.

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We discuss the continued selling in the markets today and what to be aware of heading into next week. The VIX remains relatively low indicating that a bottom has not been put in. However, a bounce is likely heading into the July 4 holiday. Oil prices remain the wild card as they continue to hold this market hostage.

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We discuss today’s bloodbath, what is means for the outlook, and what we are doing with our money in this dangerous market. Oil made a new record intraday high and is threatening to break out of its trading range tomorrow. The Dow is trading at its lowest level since September of 2006.

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We discuss the Fed statement, oil, and the very bearish sentiment that exists in the market. Today, there was a lot of noise but not much changed in the overall picture. Today’s misplaced topping candle is a bullish setup for tomorrow’s trading.

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We discuss today’s volatile trading day as we setup for tomorrow’s oil inventory number at 10:35am and the FOMC rate decision at 2:15pm ET. We will also hear earnings from RIMM after the close. The S&P has put in doji candles the past two days, but tomorrow’s action should be more decisive. We look at encouraging action in the XLF and an important support line for the QQQQ.

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We discuss the light volume pause day after Friday’s selloff. We look at Goldman’s downgrade of the financial sector and its relation to the upcoming FOMC meeting on Wednesday. We believe the market is at a pivotal inflection point and we share our opinion on where its headed from here. We also check out the BKX, QQQQ, USO, and VIX.

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We discuss today’s selloff through support and highlight some important lessons that the market taught us. We are bullish heading into next week, especially the financial sector. We also like technology, but are waiting for a breakout before we get long.

Corrections: When discussing the USO, I meant to say that “we might see some give in the price of oil”. When discussing the QQQQ chart, I meant to say “everyone was talking about how weak big cap techs were”.

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We discuss current market psychology and how traders should be thinking about this market heading into options expiration.

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