Market summary

Spooky Halloween October scared markets today, with lots of leaders out with their earnings we failed to sustain a rally and had a huge reversal day today. Things were looking pretty decent but around 215 CST markets started selling and made a major bearish reversal day across the board.
Sector wise transports/semis took the brunt while commodities rose.
Its early but I sense we may be setting a top in intermediate time frame here and bearish divergences are plenty.
Some of the red flags are

1. Russell not confirming the highs.
2. IYR, XLF not confirming the highs, (XLF may have an Island top)
3. Advance decline line not confirming the highs.
4. New high new low not confirming.
5. MACD has a bearish divergence.
6. QQQQ closed below the breakout level( hence could be false breakout).
   

Sensing the 215 fall I jumped on and shorted the laggards such as IYR, IWM who didn't make new highs. Sorry for not tweeting as action was too fast into close. Tomorrow I will try to short anyy rally in broader indexes with stop above todays high on closing basis for a swing trade.

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www.twitter.com/sidshar

Market summary

SPY had rejection of highs yesterday and today it tried to follow thru on downside but in vain. After hrs intel numbers looks good and action is to upside, lets see if we see a follow thru to this news. Indexes are in no mans land right now and need to show their hand one way or the other. I am staying light till I can make out the next direction of indexes.
I think action is shifting in commodities again and all of them are rising, including crude and gold.


Follow me on twitter for real time trade updates.
www.twitter.com/sidshar

Market summary

Markets had an inside day today but was able to close at session highs and is up after hrs on better than expected earnings report from Alcoa. It could be an upside day tomorrow. Sector wise we were mixed with materials,energy leading higher while semis, bio leading lower.
Will post some stocks to watch for tomorrow on twitter.
Follow me on twitter for real time trade updates.
www.twitter.com/sidshar