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Well would you believe it? Today it's Spain and not Greece. At least the media is mixing it up a bit now. I guess their continued commentary on Greece just isn't pulling the desired attention and traffic anymore, so they've decided to now blame Spain for the U.S. market's woes. How about we just call a spade a spade and admit that the market goes up and the market goes down on a day-to-day basis and sometimes there's really nobody to blame but speculators and traders who are hustling every day to make money in the market. That's what makes a market anyway, right?

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Good hump day. As the DOW makes a new low this morning, the NDX and the S&P are doing what they can to hold their lows put in last week. However, by the time you get this newsletter, that may be all for not. We're just going to have to wait and see. I will point out the DOW has yet to test its 3/8 retracement of its rally that started back in October of last year, while the NDX and S&P have both pulled back to their 3/8 retracement levels already. I'm not overly concerned about the DOW breaking last week's low as much as I would be concerned to see the NDX blow right through that 2470 level to the downside with conviction.

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So far so good. We're seeing some follow through on yesterday's snapback rally of the major indexes. We mentioned yesterday we were a little early on the anticipated support level of the NDX around 2550, so those calls we purchased are currently sitting at a break even on our suggested call options trade in the QQQ's, which is a gift considering late last week's complete meltdown in the markets. With that being said, I've closed out and have taken a wait and see approach to determine whether or not yesterday's move is the start of bottoming formation, or if it's merely a relief rally for sellers to jump back on the wagon and take this market lower.