7/13 - side (sell stop)

• selloff eod after markets up as much as 160....today, SPY even went negative
• VIX kept rising all day despite spike at the open
• VIX still in range
• despite market weakness, later in the day, we got a doji...not so bad...just indecision
• 30 min charts of indexes broke above 60ema and now straddling it...means we have a nearterm possible bottom
• after the close, moody's hinted that it will downgrade america's debt if it cannot raise the debt ceiling which dropped futures
• despite not a huge gain, we did register a gain in the dow which stops the losing streak

overall i think we have as high a chance to go higher as much as lower...but i am slightly favoring higher...sure, we have real problems in the world now with the european debt crisis and america's debt ceiling, but the market is not losing control yet...if i was still holding a short, i would still feel fine but with a tight "sell stop"....and either direction with a good setup will be good as it should start the next leg...today is harder to choose the direction, but a big move in either direction tomorrow will decide where the market is going next