- senate passed bailout bill last night
- short ban is extended
- jobless claim worse than expected
- factory orders declined more than expected
Bullish Factors
- no new lows in SPX
- RKH holding above support
- senate approves bill, house votes tomorrow
Bearish Factors
- NDX makes new 52 week low
- market falls even as senate approves bill
- economic data getting worse
SPX
- holds just above support
- huge fall on average volume
- in a downward channel
NDX
- broke support slightly
- channel is quite defined
- weakest of indexes
RKH
- failed at 200 ma
- holds above support levels
UUP
- broke resistance i was hoping to hold
- strong relative volume on breakout
- bearish candle as it closes near lows of session
- pullback should come soon, just wait for a confirmed breakdown
CRB
- broke support on strong candle down
- not ready to be bought yet
Analysis: so tough not to jump in as i kick myself for not holding onto commodity and energy puts...high option IV and news on the bailout are the main reasons for not participating on this continued slaughter of wall street...technically a pullback is very much due but without great support nearby, it would not be wise to jump in picking bottoms...as the short ban gets extended, i don't expect volume to rise nor IV to drop anytime soon...the short ban is killing the market and it really pisses me off....as i can't stay away from trading for much longer, i am expecting next week to be a possible entry point for me since atleast the bailout news will be over with...
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