Looking at a gap down this morning on more worries from Greece. We will have to wait and see if this gap down brings us more dip buyers as it has done in the past. Any push to the 20 day moving average would be healthy here as it would help reset the charts and prime everyone for more buying. I would look for that level to be tested and to hold. Not looking to go short here. A push to the 20 day moving average is not a far one so it doesn’t set up an ideal reward/risk for shorting. I will, however, look to make a watchlist of over extended long positions looking to pull back, so when the market bounces they will too.
{denvideo http://www.youtube.com/watch?v=UCjvkZsIpG0}
