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Originally I thought with the indexes resting on some decent support we would get some higher movement before dropping.

This was the chart where I laid out my prediction. As you can see we moved down to the level I thought we would at 1073. However, I’m changing this up move bit. I think we are going lower and then less high on the bounce. Who knows, maybe I’m pushing my luck with calling the past two days nearly perfect, but it just feels like we are going to break and catch most people off guard. Everyone’s system will turn to a sell signal if we start to drop. My systems have been on sell signals however and have maintained that position.

What I did on Friday was, was play $SPY calls, TNA, SDS, SSO, RIMM nothing major on all of it. Very small profit. Then I had to leave the house so I put a few trades on for Monday. They were XLB August 29 puts, EBAY August 19/17 put spread, YHOO July 15 puts, and long ERY. For the index funds I went Heavy short with a 33,33,34 split between NDX, RUT, SPX 2x inverse funds.

Other charts posted to Chart.ly today:
CX chart, YHOO chart, EBAY chart, XLB chart

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