10.19.2011 -- Hovering...

We are still stuck in the same area we were yesterday. The daily stochs and MACD appear to be rolling over though.

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Key Levels

Upside -- 1224-1235, 1275

Downside -- 1209, 1198, 1175, 1138

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SPX Daily;

Here we have our 2 channels or wedge depending on how you want to draw it.

I THINK we are finally about to pullback a decent amount. You can see the bollingers are rolling over, the MACD is rolling over and the Stochs are rolling over. In a raging bull market, sometimes those signals are tricky and will roll gently along the top while the market keeps churning ahead, but in this case, I think it signals pullback time.

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Our growth leaders followed up their flat day yesterday with pretty good sell offs today.

AMZN, AAPL, CMG, LULU, PCLN, NFLX.. all down pretty good.

Nothing much else significant.. just watch for reports of euro shitting bond eating cows to be genetically engineering in Europe. News like that could be released at any minute.

GL

CJ