The CNBC talking heads spent the day telling us how the market didn't seem to want to go down. I spent the day thinking - not a lot of follow through on the big run up yesterday didn't seem to indicate it wanted to go up (either). But then I did tell you I expected a +/- 10 point range today. I think the more significant fact is the NAZ spent most of the day in the red and we closed mixed.
After the close Standard and Poors lowered the ratings on about 35 of the world's largest banks (C, BAC, Wells, MS and GS in the US). Seems to have the futures in the red.
Tomorrow shows the potential to be a big down day as every swing cycle except the 33.75TD cycle is down. Here is the SPX swing cycles (my interpretation):
GL traders. Market could get tricky here as we approach what should be a bottom by Friday.
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