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Buy program runs into sell program. Be careful out there. Looks like a huge battle going on with 2 sides loaded with ammo. Principle #1: when there are competing programs at work, the program that started later will usually win out. Thus, looks like this sell program will win out...

I don't think financials will lead us into a sustainable rally. Just oversold rallies that should be sold into. But let this rally play out, it has at least another 60 minutes left. LOL.

First signs of buy program showing up. More to come. I think we close around 1390 in the S&P.

I don't know what's worse, the Euro or the Dollar. Both horrible currencies to hold, along with the sterling. I would be long Yen here. Best big currency out there.

July 2007 was like March 2000. We've gotten some acceptance of the problems like November 2000, but not an admittance that the market was in a bear market. We got that in April 2001. We're still a long ways away, for sure, but people are definitely not bullish. Just very hopeful.

Everyone is a whore to the media, including the Fed, which was supposed to be an independent body which could operate away from political pressures. But Bernanke is pandering to the public with his stupid substantive action comments and surprise rate cut/TAF auction BS. This economy needs...

In a bear market, sell oversold rallies lasting 2 consecutive days by selling the open on the 3rd day and only pick bottoms at the close of a big down day to sell at the open 2 trading days later. BTW, we are in a bear market. Smells like November 2000.

VIX is low because people are not scared. Its that simple. They are not willing to pay up for options protection considering we get the PPT rescuing the markets everytime we threaten 1370 on the S&P. We'll get a high VIX once we bust through 1350 and leave no doubts that we are in a bear...

There are others who start far more frivolous threads and much more frequently. This is a trading relevant thread and revealing information on the action that I see before me.

Feels like a buy program is waiting in the wings in the final 120 minutes of the day. Wall Street needs to defend this 1370-1380 area until the death and will not let it go without a tremendous fight. Buy program is on its way. Get ready.

Looks like the market has V-bottomed with a short-term break of 1370 creating the panic bottom that we need to go higher. PPT seems to have stepped in at the nick of time. Look for Bernanke yapping to move the markets higher and upcoming Fed meeting in end of January to provide a catalyst...

Bulls will defend S&P 1370 to the death, crazy to short anything here. And there is strong support again between 1350 and 1360. Super thick layers of support lined up right below current levels, just nuts to try and bet that support breaks today. Wait for an intermeeting cut to short...

Futures are edging higher again. There is latent demand in this S&P cash 1370-1380 trading range. You won't seem much weakness from these levels as bulls are going to line up to buy at support.

I am not long, but will buy weakness today. Not much downside with the Fed as the backstop. The Intel earnings will be an excuse for people to sell, and today will probably be a bottom that will last at least for January. After that, all bets are off because we are in a bear market.

Bulls are defending S&P cash 1370 fiercely here, which is around 1375. The bulls will not let the market gap down below 1370 which would bring out the bears. I see the futures being pumped higher going into the open as technical support buyers come in.

Futures are strong considering INTC earnings and Asia weakness and have been slowly edging up. Seems like there is a buyer lurking underneath not letting futures go down too big.

There will be a fierce battle between the bulls and bears between 1370 and 1380. Very strong technical support for the bulls. The bears have momentum on their side. The bulls have the Fed and the PPT on their side. Futures are fairly strong, tells me there is latent demand at these...

Then how come the S&P futures are still down more than 10 handles?

How do futures traders know that there is an emergency meeting? They have connections with the janitors at the Fed building?

With the PPT at hand defending 1380, it wrecks all princles. The Fed and the PPT trump everything. Markets that are weak don't stay weak when the PPT is there to rescue the markets.