The Daily Dose of Trading Comments

The disgust and ugly trading continues and it has reached a point where either this market will find a turn or the idea of this fledgling short term up trend will come to an abrupt end. The NASDAQ is testing its 200 day moving average (support) at this point and the SPX is close enough to an area that it needs to hold (1280). Same is true of the SMH/SOX. If there's much more give back the sour taste will turn bitter. For now, I continue to be patient and until now there's been little sign that a turn is in the cards. I don't like the way the Russell is trading as well. All in all, ugly. If they ever needed a strong close, today would be the day.