There are only two ways the index can go from here, up or down. As much as I want to say down, I am thinking up. The simple reasoning is that too many people are calling it to the downside. Too much pessimism and expectation of a recession. What do you say?
i'd be surprised if the markets close down tomorrow. what a rational thinker would conclude would be that CL will pull back somewhat tomorrow and equities could rebound proportionally (barring financial sector equities that might be connected to the newest tax evasion charges brought against UBS et al)
Its a pretty simple case of a trendline here in the broad market. We just sold off right to above it. 1380 are is gonna be key. For now its intact. Close a couple daily bars below it and we might fall. photo of it here: http://www.elitetrader.com/vb/showthread.php?s=&threadid=125554&perpage=6&pagenumber=4