5 JUL 2010, Monday

• HFT Market Manipulations on  Display...great video for the uninitiated / unwary.  Ought to put the whole "the market's not rigged by "Da Boyz"" argument to rest.  This happens during regular trading hours but it's much easier to conceal due to the higher volume.  But, in the after hours (Globex...which is pure electronic trading, no pit (humans) trading in Chicago) the gaming is easy to see...and is exactly how they created the 2009 up move...alot of overnight forcing.
• Cash markets (pit trading) are closed today...but Globex will have a short session.
• Daily appears somewhat oversold and is entitled to a bounce...but is still negative.  Trick is weekly isn't so what kind of bounce until you get some solid weekly oversold too?  How's that for non-committal!  Market is not very healthy...even if it were to go up there has got to be some repair to the damage that recently occurred.
• Bounce from current levels to 1,070 area first and then to 950 or 880 if Da Boyz wanna knock 'em down some more?  
• One day at a time.