3 AUG 2011, Wednesday

• Well, that trendline from the MAR 09 lows has been clearly broken by yesterday's action.  It was oversold, but oversold can always become more oversold.  One of the reasons I'm always cautious below the 90 DMA (you can check charts in the sidebar).
• Above, from http://channelsandpatterns.blogspot.com/, tosses out a possible head and shoulders pattern with a target around 1150.
• Will the market finally get out of the range it's been locked in since the beginning of the year?  We'll only know it when it does.  This 100 point up down box for months reminds me of the summer 2010 box....fast merciless turns with no real retracements....just a trading environment not investment.  Oh well, it is what it is.    
• Below, Debt deal done....well, not really...gimmickry.