The Daily Dose of Trading Comments

When I look at these markets right now, the only thing I can find that's supportive is time. There's the oversold short term time frame. That may keep us propped up. There's the month end/quarter end time frame. That should be supportive. There's another week before the warnings really start to hit if they are going to. That should be supportive unless we get a beat others to the street with bad news effect starting up. You get the feeling I have.

I can't find a technical reason other than time to be bullish. In fact, today is going to likely be a tough trading day despite the advantage of time. Yesterday showed weakness is quite prevalent as the early advance turned into the midday wash out and finally the late day window dressing. Time, time, everywhere time. We now have three days of advance on weakening volume each of those days. Time will soon turn against this market.

Talking of time, I'm taking mine as I stalk swing trades short. The idea situation would see the SPX trade back to the at 1225 to 1230 resistance band in front of earnings. It would offer the lowest risk/reward entry short setup. If we don't get that, then a turn lower has to be respected. That 1201 SPX area is sacred at this point. A trade lower than 1210 puts us in jeopardy to retest. A break of 1201 on the test throws time out the window. Just keep that in your mind as we bounce around here aimlessly.