With only 128 million shares of the SPY traded today you would expect a huge UP day... but it was DOWN! This is a big change in the market, and could make a big difference in the coming days and weeks. Apple was down, Goldman Sachs was down, JP Morgan was down, Oil (USO) was down, Gold opened down, and of course the dollar was down too... but recovered later.
The only reason the dollar (UUP) was down... was again due to government manipulation. Bernanke spoke and the dollar fell... coincidence? I think not!
This market is getting ready to fall hard folks! Stay short! Tuesday could be another pause day as the dollar tries to break overhead resistance. Once it does... the market could quickly fall to the 1070 area within a couple of days!
Everything is looking negative right now for the market. All the leaders... the Financials, Commodities, Gold, and the Technology are all struggling to rise up. The XLF (banking index) has been falling for several weeks now. Gold dropped huge on Friday and gaped down today. It may recover as it isn't viewed like other commodities because people flock too it when fear comes into the market.
But, the leader in technology... Apple, has been falling hard too. Oil (USO) broke out of the lower trend line in the downward channel it's been in. If it closes below it tomorrow then it will then be confirmed, and will fall hard to the next support levels. If oil can't support the S&P500, and the financials can't either... then who will?
Tech can't do it, Gold can't do it... what's left? NOTHING! The market is hanging on by a thread, and the "Three Stooges" can only delay it's demise.
It's coming down folks! Again, it might not be tomorrow... but Wednesday through Friday should be ugly! I just can't see any possible way to hold it up with all your leaders falling.
In the past, when one sector would struggle to make new highs, the other sectors would step up to the plate and rally the market. We have seen it time and time again. The financials start to fall and then Exxon would rally, bringing the market up. Or, technology (like Apple) would rally the market while oil took a breather.
It looks too me like all the big players are tired and ready to take a break. Simply put... the market is out of steam and ready to fall. I'm staying short! End of story...