The Nasd will have a total breakdown with a Futures close below 2266.

AAPL… 322- 324.80 will be another good market tell. This represents the last of the monthly support and the 200 day mvg avg.

Only sustained price action over yesterday’s market highs can forestall the inevitable. Trading will continue to be very technical in nature, stopping at every level coming down and retesting previous support ( now resistance) on the rebound rallies. Today many technicians have 1275 in the S&P Futures as a tough zone. Simply put Bulls will go bottom fishing against the level and Bears should let the market action eat through the level before pressing shorts.

The yen crosses are the feature today with AUD/JPY breaking down. Euro rejected some of yesterday’s gains which we spoke about basis what was happening in EUR/CHF.

Metals…you’re going to get these sell offs as people need margin money to hold other assets that are non-preforming.

We will start writing new educational pieces for our new clients on our view of how markets move further detailing why we caution certain courses of action. I just don’t have the time or luxury of writing a book when the markets are busy. The guys that are active need the levels or the pertinent information and that’s it, so less is more.

Current Holdings

GLD,SLV,JJG….from much lower levels. These are not full positions.

Short S&P 500 Futures or Long SDS