Pre Market TAO Monday 6-15-09

It All about Safety vs Growth.........we are seeing the Dollar rally and commodities fall over weekend...this indicates the markets are moving toward safety this AM......Will have to watch how US markets respond ......as for now, Emerging markets as well as Asia and Euro markets are selling stock and buying treasuries....also suggests a move toward safety ..........ES futures are down and testing multi day rang low.......wil be watching opening Gap down on Spy for any sign of further break down below the ascending triangle we have been tracking for the past 8 days ....for now, ES at the "G" spot ....we could go either way .....right now i am long spy ......but ready to bail if market continues to show weekness......

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Havent seen a +500 tick all am...we are clearly in a down trend day ...the bull arem't even putting up a fight......we will see if we get a test of lower triangle trend and if price fails here. it is time to become bearish for the near future.....will consider switching to sell the rallys mode..

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4:02..et pm....very slow trading day.......this week is oxp ( options expiration ) in addition to all the indecision and low volume .....makes for a tough to trade.....this really dosen"t feel like a bearish sell off type down pressure day.......if there where a large bearish sentiment, they would have clearly had the opportunity ......so i really dont think a short play, other then scalp trades, is at this time the best way to go..... right here we are at a major support level SPY 92.00 area if price drops below there then we could be short....but for now the market is esencially directionless..... I have been long sence friday am so today was a bit panefull with a opening gap dow and run down to a stalled market . so i just sat it out and was expesting the crazie buyers to show at the close and they where hiding too...
for now i have closed out all my positions for a loss ...ouch! .... and am sitting on all cash...... we will see how the overnite markets look at todays session............we'll start out fresh in the am