Markets continue to look weak As mentioned in my

Markets continue to look weak

As mentioned in my previous post, the markets were looking weak and once should be positioned for more downside ahead. Since that post the SPY has dropped from the 143 area down to the 138 area in the vicinity of the 200 day moving average.

This market is no joke folks, we could see some pretty bad selling in the weeks ahead. Right now we could get a bounce off of the 200 day and a move back up but that to me would just be another opportunity to look for a short play. I could not even bring myself to take a swing long on the big boards at this point because I would be afraid of waking up to a debacle in Europe that causes the market to open up gap down 5 points.

There is no pattern setup yet to short either so I'm in wait and see mode until a pattern is formed.

[IMG]http://i.imgur.com/COA8E.png[/IMG]