We discuss today’s action, and how today’s confirmation candle of a close below the Bear Stearn’s low may not be a reliable signal. That makes tomorrow’s close critical to keep our call for a bounce in tact and save this market from a technical breakdown. We look at oil, the dollar, QQQQ, LEH, FNM, FRE and more.

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4:09pm
A decent bounce into the close. This market is a very tough call. I like today’s double bottom but this is the 2nd consecutive close below 1257. And the financials did not enjoy the same bounce as the overall market. The XLF finished negative. Stay tuned for today’s video.
3:10pm
I’m not sticking my neck out and [...]

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We discuss the huge selloff today and what it means for our Market Outlook. We still favor a bounce, but today’s action gives us pause and makes us much more cautious here. We look at an important long-term support line for the XLF. We talk about exit strategies and important support levels for the SPX. This market is now more focused on financials than the price of oil.

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Check out this article from Fortune. It explains some of the fear that is out there and keeping this market down.     The Fannie and Freddie doomsday scenario

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4:00pm
This close was very bearish. The market gave up all of yesterday’s gains. Stay tuned for today’s video.

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Today, Tomorrow, and the Next
Tuesday, the S&P rallied on decent volume to close above 1273. The rally saved the market from immense technical damage by not confirming a close below the Bear Stearn’s low of 1257. Oil prices fell by more than $5, which opened the door for a rally. The rally was led by [...]

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We discuss today’s strong rally that we called for in yesterday’s video. We look at the selloff in oil, the short squeeze in financials, the leadership from technology, and where the markets are headed from here.

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4:04pm
What a nice rally. Stay tuned for today’s video
3:37pm
Financials leading the market. XLF up nearly 5% in today’s session.
3:12pm
Coming into some resistance at 1273 on the ES. We have no plans of covering anything today. This is day 1 of a rally that should last at least a couple weeks.

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Today, Tomorrow, and the Next
Monday, the S&P made a new intraday low at 1240.68 and closed at a new low at 1252.31. The market was able to rally off its lows, but is threatening to do severe technical damage with a lower close tomorrow. Oil was weak today, closing lower by nearly $4, yet the [...]

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We discuss today’s action as the market sets up for a bounce. We look at different ways traders can use the SPX and SPY to help make trading decisions. We touch on the dollar’s strength and what it means for commodity prices. Tomorrow is a critical day for the markets. Bernanke speaks at 8:30am. The S&P may retest the lows but we expect a short squeeze rally in the very short-term.

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