OPEX day the way they used to be....Wild!

I  want to start out by recommending that every one take 10 minutes to read this post at ZeroHedge, an interview with Mark LaPolla by Kate Welling.  Every once in a while someone describes our circumstances in such a way that that all I can do is say "Amen".  It is in my opinion something that every informed adult has to consider.  Or, you can simply accept as gospel what a friend of mine said back in 2009, when investor concern about all the Federal stimulus and Fed QE was being debated.  He said to me....Bill, I don't care how much money they print, we are going to run out of money!"

Mr Market was traded lower over night, with the Dow down about 25 points.  We opened this morning soft, and as this is written, the Dow is off 92, the SPX off nearly 10 and all the major indexes are also down about 0.75%.  As I have written the last few days, the indexes have painted themselves into a corner, where down trend lines are intersecting with up trend lines, and the market has to make a decision which way it wants to go.. .there no room for any more indecision.  Which is what we are seeing this morning.  The indexes are breaking lower, and every index on my screen has broken down through the up trending support lines with the exception of the Transports, which are trading right on the up trend support line.

I assume nearly everyone reading this blog has access to a chart service, as I don't get any requests for posting charts to support my observations.  But if anyone wants to see those charts, I will be happy to post them.  I feel my contribution is my understanding of market direction, using my Proprietary Momentum Changes indicators.  And the history for past 2 years has been pretty good. A few small losses and numerous good gains.  But if you want to to see charts, just add a suggestion in the comments section.

Oil is lower this morning, trading 96.35, down 2.12% and Brent is at 109.56, off 1.67%.  Gold is off 0.11% at 1490.70 and Silver is 34.41, off 1.49%.  The rest of the commodity complex is mixed.

The Euro is off 1.07%, a sizable move, at 1.415, while the Dollar is up almost 1%, trading at 75.75.  The bonds are surprisingly not moving as much, with the Note up 1/8 at 3.16 and the long Bond is up 1/8 at 4.31.

The Momentum Change indicators are still on the Sell signal first generated 5/13, although some of the individual indexes have been on a Sell signal longer.  The charts do show some potential support at nominally lower levels, so I will be watching to see how the various indexes respond to expected support.  But unless the market gets hammered today, those levels are not likely to be reached today.  We should see enough movement today to give us some higher stops which will allow us to protect our expected gains.


Best To Your Trading!.

Bill