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MARKET DIRECTION CALLS
August 2 2011 - Selling Intensifies
August 1 2011 - Bear Returns
July 28 2011 - Before The Open
July 27 2011 - Down But Are We Out?
July 20 2011 - Stock Market Volatility
July 18 2011 - Investors' Nervousness
July 15 2011 - Earnings VS Bleak Data
July 14 2011 - Below 1310
July 13 2011 - Ugly Looking Chart
July 12 2011 - Razor's Edge
July 8 2011 - Nasdaq Leads The Way
July 5 2011 - Expected Weakness
July 1 2011 - Overbought
Jun 28 2011 - July Rally?
Jun 27 2011 - Mixed Signals 
Jun 21 2011 - Bottom Or Bounce?
Jun 16 2011 - Raising Cash
Jun 15 2011 - More Downside To Come?
Jun 14 2011 - Bounce or Bottom?
Jun 12 2011 - Batten Down The Hatches
Jun 6 2011 - Bounce Sometime Soon?
Jun 2 2011 - Sell Signals and Warnings Everywhere
Jun 1 2011 - How Bad Could The Selling Get
Jun 1 2011 - Tread Carefully - Markets Remains Overvalued
May 31 2011 - Success - 100 Day Moving Average Tested
May 17 2011 - Be Careful Out There
Apri 18 2011 - Two Bears Compared
Apr 13 2011 - Why I Bought Puts Today
Apr 4 2011 - Breaking The February Highs
Mar 16 2011 - The Art Of Being Wrong
Mar 15 2011 - Market Remains Resilient
Mar 11 2011 - Trend Is Down
Feb 25 2011 - Trend Turning Bearish
Feb 11 2011 - Still Up - But Watch For June
Jan 3 2011 - Trend Remains Positive

 

Market Direction Call S&P 500


July 13 2011 - One Ugly Looking Chart

 

Any bounce at this point has to be sold into

While it is nice that Ben Bernanke makes comments, today's market action caused by his comments about the central bank perhaps providing more stimulus if the economic recovery faltered and China's release of terrific growth sent the marked into a big jump.

I hope no one was caught up and bought any stocks because as per yesterday's market comment, any rally has to be sold into at this point.

 

Today's action produced ugly charts for all 3 indices. Below is the S&P 500 and it looks just terrible. What a way to lose a rally..

S&P500 chart - July 13 2011

The NASDAQ chart below is actually worse than the S&P500 chart above. Remember the Nasdaq has led most the rally from March 2009. This would indicate to me more selling ahead.

NASDAQ CHART - July 13 2011

Not to depress readers more but the XLF rally was what I was watching and it was over by 10:45 AM. That when I bought more SPY puts.

.XLF Chart - July 13 2011

SUMMARY

The market action today is I believe quite bearish. It means more selling to come. Overall I think the market has a good chance to retest the 1300 level on the S&P 500 and from there to retest the 200 day moving average.

 
 

 
 

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