A nice downwave was caught in the DJIA yesterday and pre-open this morning. However the 10500 area in the YM contract acted as support triggering a bounce. Stops are at 10543 with the 3 minute break rule in full effect. If the support at 10500 breaks , we may get a scenerio similar to the posted chart from 2007--- much wealth was made on that day by shorts. It's a tough call here if the support will hold on the secondary test. The plan for today, if stopped out, is to trade the following channel 10497 to 10563--- untill then STAY SHORT !!
Some fishy business may be going on between Obama and the Greeks regarding regulation of hedge funds. It seems all populist Obama needs is a reason to clamp down across the board. Let's hope this isnt the impetus......
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