24 OCT 2011, Monday (AM)

• Week of sideways to work off some of the overbought.  But not much.  Above 20/50MA and actually poked above 90 on Friday.  Not much market structure to work with makes it difficult.
• Europe continues it's incessant back and forth nonsense.  They were supposed to announce on Sunday but then they said "No, now on Wednesday...really!  We hope."  Every time they go to a camera and say what amounts to nothing the market quickly jerks back and forth.
• Approaching the 1260 pivot lows.  Will be interesting to see if people who bought in the first half of the year and were trapped by August's decline will begin to sell as they start to see more of a breakeven.  Other thing, due to the nature of this rally, most money managers may have been left behind and will now have to scramble to catch up by the end of the year???  Isn't this fun?
• Trading only still due to volatility and news driven market.