6:00 AM EST
The futures market suggests we will open to the upside, but this will depend on earnings announcements before the open. The Asian markets were mostly down, but the European markets are up slightly with a spat of good news about retailers.
The 15-min and 30-min stochastics are oversold suggesting prices should rise today, but I do not expect a big up or down day today at the close. More likely the market will work off some of its short term oversold condition for a day or two before proceeding lower. Depending on earnings announcements, today should be a might be a good day to enter short. I do expect the market to trend lower for the next week, maybe two, with a minimum downside target of 780 on the S&P.
I will be waiting to see how the earning announcements affect the market before entering short.
12:00 Noon EDT
The earnings announcements this morning were not so hot, but as expected the market is rallying. Given the fairly heavy volume, the bears may have shot all of their bullets this morning leaving the bulls a clear path upwards. The CPC went bullish this morning, but may change by the end of the day. Caution is warranted at this time before entering short.
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