I Love the Bears

Today went really close to what I discussed this morning. The SPY went to a low of 121.47. This area is proving to be good support. I expect this area to hold for a bit in the morning. Once the news starts to hit things might move. I can’t imagine what good news is out there. Bernanky said after hours that the fed would not help the Euro banks. This should mean that the dollar will continue to rise and the market should continue to move down. You can look at the UUP to see the action on the dollar. I just took a look at it and it is forming a cup and handle (pictured at the header for the blog). If it breaks the resistance 22.62 it will climb in a nice manner. It tried to get above it today but came right back.