26 JAN 2010, Tuesday

1. Two quiet days...waiting for Obama's speech?  Wednesday's Fed announcement?  Bernanke's confirmation?
2. It is where it needs to stop if it is to resume the uptrend or where it needs to break to indicate a downtrend...or is it just going to become a broad swinging sloppy sideways on the longer time frame?
3. How's that for definitely non-committal?  But that's where it is.  It is what it is.
4. With sentiment where it is (bulls conditioned to buy every dip) and the NYSI turned down I favor the downside.  But very short term oversold makes it difficult to press...unless watching it like a hawk.
5. If it breaks, it's likely that the trend has changed.  Next level seems to be 1030.
6. If it bounces upward from it's current area...I'd like to see what it does in the 1115-1125 area for possible intermediate short.
7. I sure hope that "Da Boyz" don't throw this thing into reverse down in a similar manner that they did to the upside since MAR 09.  That would screw both the bulls looking to get out at better prices...and bears looking to get in at better prices. 
8. One day at a time!