1180 held. First time since 2008 where a natural oversold bounce stopped naturally where it should have and turned back down. I was shorting like crazy on Friday. The market bounced into the close which seemed ridiculous. Unlike the previous week when everyone was bearish the only news that could have come was going to be viewed as positive. This weekend what can come out that would be positive? They already committed a trillion dollars to try to help the problem? What more news can come out.
This end of the week market action was very negative. This week could, emphasis on could, be extremely negative. Time will tell.
There are knew world issues with violence occurring in Thailand causing currency issues and growth concerns over in Asia. UK flights are again canceled because of volcanic ash. Euro is breaking its 2008 lows moving towards 1.22.
The market appears like it may be about to give away. Should be interesting.