blackmarkt-trader: Market Read for Week 091211-091611

Market Read

Overall I'm still short biased (for the foreseeable future). While we have seen strong short squeezes via seller's revolts there has not been sustained buying indicative of true risk ON appetite. I don't see any evidence of an "all clear" signal or clarity appearing on the horizon and only risk increasing as the Western world appears to be heading into a protracted recession and low growth phase just when they need the increased revenues to out-grow their out of control debt-load. But there are many joker wild cards being deployed all the time now from central banks around the world.

Finviz US econ calendar: http://finviz.com/calendar.ashx

Bullish case:

- AAPL still above 50SMA

Bearish case:

- Bear flags everywhere

- EURUSD lost the 200SMA, high volume sell-off and has Greece default news weighing on it
- Dollar finally broke out of it's consolidation base (above 80 & crude sub 80 you can start QE3 chatter)

- Crude looks like its going to be sub 85 before 90+

- Copper breaking down out of bear flag

- Long bond continues to put in higher lows and highs

- VIX looks ripe to break it's bull flag

- Gold (fear trade) is still strong and silver still sticking to it's 45+ target

- JNK v. LQD broke bear bag indicating continued waning for risk

SPY