10.13.2011 -- Same Ish different day..

We closed right below the top of the bear flag yet again. Shocker.

Not a whole lot to report today. We are either going to make a run at the bottom of it here very soon, or we're going to try to breakout north.

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Key Levels

Upside -- 1205, 1221, 1238, 1276

Downside -- 1191, 1172, 1162, 1126-1132

Again resistance on the upside is strong and support on the downside is weak.

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SPX Daily;

Still riding the top of this flag. We printed a small reversal hammer, so there's definitely a chance that we are about to turn back down to test the bottom of the flag again.

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Financials took a whacking today on the heels of JPM's thickly veiled not so good earnings. I suspect we won't see anything good from any of them this quarter. or next quarter.. or the one after that.

Its still a mine field, walk gently.

GL

CJ