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Wednesday, June 8, 2011


After examining the charts a little longer I believe we will head toward 1308.

The after hours market has put real pressure on the Bulls. 1250 - 1240 is a real possibility. I thought the 1276 area would hold today, but it appears the fork I dimmed to a dark olive green is now in the for front.(Now Bright YELLOW)

Looking at the Ichimoku 1308 is very heavy resistance, and the upward forks and channels have folded one after another. I've been pessimistic but now I'm becoming very pessimistic.

I'll admit I was feeling pretty smart when I closed my short positions today with a nice profit. Now I'm seriously wondering if that was a good idea.

Many of my indicators are showing an over sold condition and so a short term reversal may be at hand, but if you are willing to hold through uncertain times the short side is looking like it will prevail. The market has seen better days and key supports were taken to today.



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