Whoopty Doo

Looking at the major indices we see momentum is clearly lower right now, but Thursday we reached major support in the market.  Whoopty Doo.  It's pointless to get excited about a bounce at this level.  However, it will be interesting to see how long it lasts.

If you're concerned about a major turn in the market, I shared a few tells to watch in a post on SeeItMarket.  We aren't there yet, but could be soon.

The momo players were given a decent opportunity Friday to get short IWM.  At the same time, a rally to ~114 could be in the cards.

QQQ and SPY are just about at the same level.  Whaddaya have bears?

Josh Brown points out that large one day gains aren't a bullish sign and is actually something we see more in market down trends.  TRB is on point here IMO.

The explosive move in the dollar gets more remarkable each day.  Mega overbought anyone?

One reason i'm not convinced the market has bottomed is the lack of fear in the VIX futures.  It's been a reliable indicator of a bottom of late.

Draghi's tense press conference Thursday sure didn't help the DAX.  Most of Europe is trading pretty dreadfully.

It'll be interesting to see how FEZ trades at the February pivot.

Crude broke support Thursday overnight, but tried to snap back Friday.  90.50 or so is the level i'm watching.

DBA traded higher this week as it tested the falling 10 week average.  Short term momentum is still bearish.  The last few times it tested that falling average, it went on to make new lows.  It's fair to assume we see a push back towards the recent low.

Trade 'em well!