Market summary

Markets closed solidly in red for the day but well of their lows because of some late session buying. I had mentioned yesterday that I was expecting some weakness today and I had long SDS position which I closed right at open when we gapped down pretty hard. SPY went till 88.26 and bounced and gave a doji bar (which means indecision) because as mentioned the support on SPY is at 88.15 which held for now. Volume was not heavy but other indicators such as TICK AD lines were very bearish. SPY is now in no mans land and it may go any side now and we are still not out of woods just because we held 88.15. Tomorrow's close could be important into suggest the short term direction of this move. I think we may poke 88.15 tomorrow but watch for close to see if we close below that. As suggested yesterday GOLD and GDX decisively broke out and had a follow thru day today. I twitted AUY today and booked some nice gains, still hold 1/2. Also TBT has more upside and I sold some and still hold 1/2 position, it has room till 55 to run.
Sectorwise it was a reverse story today, Global growth stories (materials, steel energy) were lower while finacials closed in green today. Everything said that watch for a close below 88.15 or a above 89.9 to find out new direction of this market. Some charts may setup after todays sell off and I will tweet them this evening.
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