Nothing much to say on the markets today. The put/call ratio is still oversold which would suggest going long, but after the big drop on Friday the market has only went up with almost no pull back. Since it usually drops fast at least once in the days following a big sell off, I expect to see this today.
Once such a pull back occurs, I am ready to go long for the short term, especially since the NFP this week might attract buyers.
I expect to see at least something like this on the daily chart:
SPX behavior in August 2009
Update: I cannot say that I expect the market to resemble the above given the probable big gap up today, but I think a 10 point drop would satisfy my expectation. This would mean a little lower than yesterday's close if the market opens around these levels.
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