Pre Market TAO Monday 6-22-09

There no big event today other than the Bond auction at 11am et.....the es overnight has printed a 919 high and a 905 low ...the US Dollar is up and Eurostocks are down sharply.... gold is down as well as oil...and commodities....looks like a flat open ....all Xls closed in thursdays range ....the only xl's trading above the May range are xlk / xly / and xlu..... i expect a dip today and a rally to fridays high afted the auction
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9:55 et am....all the Xl's have fallen out of bed at open and are trading below friday low....
tick is clearly neg -1200 ....... spy is approching 9030 ,,,last weeks low....we wait for reaction to this support level ...i am expection a bounce.... i covered my short for a 100 point gain.... now am looking for a long trade back to top of range........
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11:30 et am put on a long spy 9034 .....stop 9005 ....target 9085
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12:00et pm........the market is stretched out to the down side this am selling pressure should start to let up now that European markets are closing....... should snap back toward the pivot spy 9208
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12:30 pm et......spy just broke up thru the interday down trend line lets see if it holds.....
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a good clue the market will diverge away from the prevailing trend is when all market sectors dont follow along...today the xle / xlk / xli / and xlb where all at new weekly lows but the other xl's stayed in the weekly range and did not make any new low..... this looks more like a rotation ie: money being moved from one sector to another.....which suggests we may remain in a range trading environment...-----
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When markets start to move the first question i ask is, where is the money going?
Money dosen't just POOF! and turn in to thin air....it has to go some where.......Today it looks like money is flowing to treasuries and bonds ....... safety ...... look at the TLT etf...... it is about the only thing thats up ....
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1:48 et pm....the markets look like they are all trying to turn ....we have hammer doji on all 10 min charts dow / naz/ sp.....
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2:19 et pm .......on a gap down day with a runner the price will eventually return to test or fill the gap befor continuing down....but most times the close will be at the low of the day ..so we got about 2 hours... to see. added to long at 89.70 2 contracts
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2:41 et pm looks like buyers are starting to nibble here ...tick +800
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3:00 ... I', really disappointed today with the Bulls ...they haven't even put up a fight so far......they have pretty much let the bears have their way .......
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3:30 et pm It's very hard to be a buyer of dips at the end of the day when this market down like this ...the crazy buyers usally show about now ...we will see if they show.. i would like to see a 9025 print so i can get out clean today
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close Well my peanut butter and jelly sandwich fell exactly the way it always dose no the close....face down.......so i will hold this over night and trade it out on turn around tuesday.....we should test the gap at least....