Comments and outlook for 07-06-2011

Not much to add to yesterday's outlook.  The market action fits within my theory of the cycle alignment from yesterday.  Now we see if it continues.  If it does then today should be down.  How much?  Maybe 1% on the S&P.

Here is an updated SPY chart:

GL traders.  Be careful.  The market is never as predictable as we would like.