January 24, 2012

Intraday support levels: DJIA-12680, S&P-1310, NASDAQ-2775.  Every time the weekly Tuesday triple digit turn around fails to materialize the markets experience some turbulence.  Possible downside short term target risk to 12520, 1285, and 2730.  That being said catalysts for market include the State of the Union, the Fed, Apple, and the miraculous, magical economic numbers.  If the usual rally ensues markets will make a run toward 13200, 1400, and 3000.  Note,one should not confuse the short term intraday, daily opportunities with the upside bias of the market.  Until that bias is broken the bear case is not completely on the table.  Once on the table however extreme caution is warranted.  A trader should always question one's trading bias and generate an opposing viewpoint to keep perspective.  Good luck and good trading.