Markets got a BORING BORING day yesterday - nothing to say from past - we are still in a process of a topping pattern - and about to breakdown. Calm before the storm IMO....
What I think was interesting today - was the SMH, Copper(JJC), QCOM and others already breaking down hard, those ones SHOULD be leading indicators for overall markets , and as you see small caps and other indexes still in the rising wedge or right below - but they should follow and break down hard (most likely TODAY).
Thats because we saw the hard selling pressure yesterday in copper/semiconductors ... other indexes should follow shortly
So I think today we are going to break 1294 and then fall down hard - still looking for below 1200 end of this month and still major major short SPX 1333- 1330 - so in very nice profits already - but why take the profits when we are just starting to the downside? Hold on guys - patience...
Also note that yesterday was 2 years ago the market did BOTTOM in March 2009 - so we got to the 2 year date yesterday and looks like we are ready to flush down. April 2010-May 2010 flash crash were also on a Thursday - who knows what this Thursday will bring... time will tell...
The dollar made a minor pullback before breaking out higher - lots of indexes have a so called head and shoulders pattern on 30 min chart and should be about to breakdown below neckline. Everyone talking about minor pullback to 1270-1290 before running to 1400-1500 , I just dont see it here.
Again the trend remains down and we wont get bullish BEFORE short term trend reverse and moves above 1325-1333 area - then we talk bullish , until then - SHORT.
Time will tell - but I expect a big red day today - have a nice day
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