Current Long Positions (stop-losses in parentheses): None
Current Short Positions (stop-losses in parentheses): None
BIAS: 100% Cash
Economic Reports Due Out (Times are EST): MBA Purchase Applciations (7am), QUarterly Services Survey (10am), EIA Petroleum Status Report (10:30am), Beige Book (2pm)
My Observations and What to Expect:
- Futures are down for a sixth straight day, heading into the open.
- Asia was mixed, with Hang Seng being the notable index down about 0.9%. Europe is seeing losses of more than 1%.
- The market yesterday was putting together a nice bounce, that was until Bernanke decided to speak 15 minutes before the close, and litterally tank the markets into the red.
- Though volume has been strong throughout the duration of the market sell-off, we are, however, seeing the volume level wane from day-to-day.
- We attempted to close back above the 1294 level, but was met with strong resistance.
