Wednesday

Everyone is expected bad news and even saying that it's priced into the market but bad news is suddenly being taken seriously. Yesterday, existing home sales were down 27%. This was supposedly expected because we were just coming off the first-time home buyers tax credit deal of a lifetime. But, the market still moved down about 1.5%.

Today the headline is "U.S. durable-goods orders rise a less-than-forecast 0.3% in July" and the futures are responding negatively.

Investools (IT) shows this Market forecast chart:the green (intermediate) line is close to entering the oversold area. If it does while the other shorter-term lines are still in that area this is a bullish signal. The SP500 shows the 30 MA moving toward a declining trend.

US Treasury yields are at their lowest since 01/09 at 2.44%. There's no money to be made there yet people are still moving their money into UST. Why? They are afraid of the stock market and are avoiding risk.

I can't see any reason to be optimistic - other than the possibility that the Fed resumes Quantitative Easing policies to artificially hold up markets.

So, for now, I reiterate my short stance. Already in TZA and added to that position yesterday at SP1055/ TZA @ 39.50.

Bought JOYG @ 57.58. F1=7/0; PPatt: 4.0; At bottom of range so expecting bounce to 62.50 (8.5%).

Watching to go short CROX based on industry downtrending and TL analysis