Tuesday

For once the market closed down today, a whopping .10%.  Call your broker and get out, the market is crashing!!!!!!!

1120 provided the first real resistance level of the recent rally, giving the bears a one day victory. The 1112 level is providing a tiny bit of support for the market but if this breaks, the next support lies at the 200 EMA and the 1090's.  If the computers, break 1120 then 1140 is very likely more 1150 is not out of the question.  I still stand that this market is overbought and needs to come back to the 1090 level. Of course this can be very wrong and news can come out that the GDP is -4% and the market can rally. 

There was some weakness in other sectors today with only two sectors holding this market up and ulities are seen as defensive stock plays, finanicals were up only due to European banks.

Oil was down considerable today which tends to lead the market, along with Copper and Goldman.