Market Tao Thurs 7-30-09

ES Futures are testing weekly highs overnight.

US Dollar is down

Crude up

Gold up

Asia / Euro stks up

News tape Bearish With declining earnings stories and increasing jobs losses.

Yesterday I could not get a clear signal what the market wants to do and this Am is more of the same.

Spy will gap up at open and My guess based on news tape it will begin to sell off by 10:30 AM et............ Neboxian says " If the way is not clear, the best action is no action."

for now I am Flat. (no positions.)


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10:45 et am.... Be careful chasing this sugar pop the Nyse Tick suggests there are no BIG Buyers moving in up here... I just entered an SPY PUT 9980