Red

The market seems to be waiting to hear what the GOP say at 1:30 pm today.  No matter what they say, the market is still doomed.  “If” it bounces, it’s just another shorting opportunity…

I think the options are “sink or drown”, as swim doesn’t even seem to be available right now.

Support is now broken on the qqq’s and others look soon to follow.  I didn’t see it, but some traders on twitter seen a print by cnn showing the Dow down 400 points.  It not there now, but something to keep in mind.

The market is resting a support right now, but if it trades sideways all day and forms a bear flag, it’s not likely to bounce from it tomorrow.  There is also the possibility of a downgrade of America (which could happen overnight?), and cause a crash to start.

Also, as silverbullet pointed out with this story (http://etfdailynews.com/2011/07/25/investors-the-1-billion-armageddon-trade-placed-against-the-united-states), the odd’s of a downgrade are strong.  People don’t make Billion Dollar bets unless they are one of the insiders and know what’s going to happen before it does.

Sink or Swim Time in the Swamp for the market!

http://stockoneradar.blogspot.com/

Gotta love this gang… so funny!  Pop and drop big time!

Strong opening is fading.

http://rocsinvestmentaccount.webs.com/

Good Morning everyone… all is now well in the land of OZ!

ES possible IHS: http://niftychartsandpatterns.blogspot.com/2011/08/es-with-inverted-head-and-shoulders.html