07.26.2012 -- Trading N stuff

Things are settling down with my newest family additions and I'm going to get this going again, however, it will be in a shorter format than my previous posts with less commentary except maybe a commentary only post over the weekend.

Since this is the first post in awhile, I will do a quick update here.

Lots of growth leaders are breaking down while this market still feels like it wants to break higher. Growth stocks, especially ones that have been hot, are getting hammered on missed earnings. FB, NFLX, CMG, ZNGA to name a few have gotten seriously pounded. 20%+ smashings.

The market is stuck between QE3 expectations and worsening economic data. The close today was very interesting. Most would have guessed that we rallied handily back into previous wedges and back over support lines. This actually doesn't appear to be the case. It looks like a back test. The following charts are SPX cash in 3 timelines.. Weekly, Daily and Hourly. The daily and hourly show how we appear to have completed a backtest at the moment unless we manage to have another decent day tomorrow.

Charts;

The market still has issues here. GL CJ