Have a look at the daily chart for the DOW. Notice support at 9900 but it will need to be marginally broken before any bounce.

But like the SPX at 950, the DOW’s 50% retracement and its primary breakout is near 9000.

Here is the SPX daily chart since the end of 2008. Have a look at 1050 and initially be prepared for a marginal break before any decent bounce. You see, any break will get the lemming technicians telling everyone that more downside is assured. Then and only then can a bounce develop.

But ultimately, look at 950, which is a 50% retracement of the entire move from trough to peak and a test of the primary breakout.

This is one of our new additions this week to CreateCoin Premium…

Thesis confirmed…

Senate passed the bill that was driving everyone crazy. When they write the history books, you’ll know that it wasn’t about the Eurotrash. It was a battle royal over the rulebook. In the end, it won’t matter anyway because wall street always finds a way to kill the goose that lays the golden eggs.

The doomed Euro is flying and gold is getting squashed. Our friends at Maiden Lane are busy tonight…

“They” will soon be saying that “its not all that bad” as they explain why we made back today’s losses by the close on Monday…

ps. Damn, Fly. That VXX was the sweetest trade of the year, bar none…Enjoy your cow…