Action Points

I've never understood why traders feel the need to make predictions. Trading based on predictions (e.g. hope) is a fool's game and impairs our ability to make clear and objective decisions. In my opinion, they should be based on what is seen. Once you understand what you see, it's possible to make the decisions that lead to being a succesfull and profitable trader. In my opinion, there are still too many charts clinging for dear life to say the bottom is. A final wash-out will take everything down, and that hasn't occurred yet. Unfortunately, it's impossible to say where we're headed over the short term. I've posted some key levels I'm watching on the S&P 500 chart below that will be my guide over the next week. I've also included a spread sheet listing the key technical levels for the Short & Breakout Setups. SpreadSheet

Intraday Setups (Click on Symbol for Annotated Chart) PSQ Short QQQ ProShares FXP UltraShort China UUP U.S. Dollar PowerShares FXE Currency Shares Euro Trust FXY Currency Shares Japanese Yen MZZ UltraShort MidCap 400 Breakout Setups (Click on Symbol for Annotated Chart) DCM NTT DoCoMo SXCI SXC Health Solutions ASH Ashland DIOD Diodes OXM Oxford Industries DRYS Dry Ships ENG ENGlobal DPZ Domino's Pizza LVS Las Vegas Sands LSE CapLease NNBR NN, Inc PHIIK Petroleum Helicopters PLD Prologis Trust TBSI TBSI International TNL Technitrol TPGI Thomas Properties NSIT Insight Enterprises NSTC Ness Technologies AHII Animal Health International ENTG Entegris DDR Developers Diversified RE BRKR Bruker HDNG Hardinge ID L-1 Identity Solutions IO ION Geophysical KFN KKR Financial SPIR Spire SRZ Sunrise Senior Living LIZ Liz Claiborne BEE Strategic Hotel & Resorts STX Seagate Technology CPY CPI Corp TRMA Trico Marine CTCM CTC Media AVNX Avanex CNTF China