Not much to say today dear readers. The bears completely own this market. Today was a lot more bearish that one would think just by looking at the indices. In fact, that is the only thing that might be going against them at the moment. Confused?? Let me explain. Selling any rallies seems to be getting a tad too easy at the moment. Just like in life, complacency doesn't work well even in the markets. Start resting on your laurels and calculating your unrealized profits and the markets have a way of taking it all away from you. I don't think we are quite there yet in terms of complacency and bearish sentiment, but at this rate, we will be there soon. As for the rest of the week, play close attention to 1040 levels. If that breaks, we will have to set new downside targets.
Take care and good luck!