after 3pm today should be very interesting - 780/7800/1063.25 10am prints

ok

traded a future against the short 785 put for 10 points $2500 and a DOW from 7850 to 7790 for $600

at 10am the market dove on the Philly Fed report

http://www.philadelphiafed.org/research-and-data/regional-economy/business-outlook-survey/2008/bos1008.cfm

however the S&P has reached the target area for a wave v of 3 between 773(or735 or 600) and 807

so most of the money has been made for now and the 11am hour looks up

key resistance back at 837 low print from 10/10

the only problem is the Congress bashing of Freddie and Fannie and the Auto industry has scared the retail investor out of the market

good day to swim at lunch and come back for either straight up (or much further down a 100 point range targets 715!)

on the stock front

EBS gaps down again and we will see soon
if the market turns higher from here, then EBS should be a big buy
else sell

Nat Gas report very bearish so UNG down near its lows

Gold and Oil continue to confound the bulls however the gold Stocks may turn if the whole market turns DGP KGC and EGO

it seems as if the tech stocks are trying to provide some leadership? maybe they are just so very oversold VMW an interesting Energy saving cost saving software package near all time lows
CPSI a health care software package likely to get a boost in the Obamanation
ASEI the homeland security technology leader OSIR stem cell