7/12 - bearish (sell stop)

• opened way off lows from the futures from europe's debt crisis...more specifically failure of a few italian banks to pass the stress test
• morning story was that ECB was going to buy Italian bonds which was never confirmed...
• FED minutes hinted at a possible QE3 if jobs numbers were bad (which they were) and gave a quick small spike in the market
  
• during last 30min, moody's downgraded ireland's debt to junk which dropped the market...
• market closed right at its lows as it broke down from its consolidation range throughout the day (tight range most of the day)
• NYMO right at 0 now, so no longer overbought...
  

I feel that the market is weak but not very weak...judging from most charts, we are still at a healthy pullback so i would keep stops tight on any shorts and still would not go long yet...but if we get a move down tomorrow with some nice setups, i would go short without much hesitation...so my verdict is bearish, but stop at "sell"