Thursday, July 8, 2010

"As we have been barking for the past two months, when spring crises are followed by summer rallies that occur without a meaningful change in economic and financial conditions, a more intense crisis tends to resurface in the autumn and stocks deline faster and with a greater magnitude than the summer rally."
- The King Report 07.08.2010

Next week options expire and earnings reports kick off.  I stand by my 10,200 potential secondary trend high on the DJIA.  Today's cooling off of this weeks early "rally" (so to speak) was apparent to more than just me.  I think the markets have some legs left for the next week or so as the options expire a push upwards to cover those positions.  However, average or below average volume screams short term trading manipulation.  I wouldn't be surprised if we close within 20 points either side of our open today.  More to come.

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