Pre Market TAO Thurs 7-9-09

ES futures are trading back up in top of yesterday range ..US Dollar is down ....10 yr Treasury is up.

Gold / crude / nat gas all up

Asia mixed / Euro stks up

reports
jobs claims are less than expected 565 k vs 603 k

Earnings a/c cvx and infy

spy looks set to gap up at open in to heavy resistance ....could go both ways this am I will watch the first 30 min...
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10:00 et am........ sectors are split ....and Nyse Tick is neutral this may be a range day ..price gaped up and bounced on yesterday close .ES futures are trading down . spy is oscillating around pivot 8800 and vwap.
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10:15 et am .....entered short at spy 8850 ...stop above 8875.....target 8725

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The Spin machine is running full speed today here is an article from Hedge Accordingly. This expresses my thoughts very well . The media is not your friend! Be very careful about what kind of crap you let them dump into your head.
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11:02 et am ....spy is consolidating in a asymmetrical triangle.. and is at the apex ...we wait for a break.
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11:20 et am ....spy is morphing in to a bull flag? closed out my short at 8800 .. I am gona wait to let the market tell me what to do.
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12:04 et pm ....Neg divergence are building in xle / xlf / xli / xlb...we short the next up impulse
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12:30 et pm .....short spy 8855 ....... the xle is very extended ....the ole cvx pump and dump is in play... haven't turned on cnbc today but I'll bet they have been do'n the Dennis Kneale all day ...can't stand to listen to the constant over sell.
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1:50 et pm......... spy has worked hard to test the H&S neck line at 8880 ....xle continues to show divergence but now starting to roll over... This is clearly the leading sector up today but will it lead the the others down as well? We may have a bit of a drift sideways to the close.
The ES Futures has tested the 882 SIX times and failed ..How much more can it take?
-------------------------------------------------------------------------------------------------2:45 2:30 et pm ......spy 8888 Twin Double Hammer Doji's at top of range on 15 min chart ...that's got to be good for a reversal......
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The energy Bulls look like they are trying to buy everything that appears to be a dip...
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3:20 et pm .....the final hour of trade has perplexed me for the past few months....so I solve this buy asking my self " Would I want to be long or short here if i where to take the trade now?" Well I definitely would not want to be long.... today
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3:45 et pm .....closed out my short on that last pulse down 8820 for fish'n bait change. I think I would have had more fun if I had gone fish'n.