DEEP THOUGHTS

So its 2:00 and we have seen not a glimmer of any attempt at a rally. The market internals are now 2,900 to the darkside and the only sector green is, oops, there is no sector to the green.

My question is this; if the selloff is due to IRAN and their appetite for nuclear weapons, why are Oils and Golds lower? My feeling is this is a technical selloff to the 128/129 area and the guy in Iran is a good excuse.

The SPY 2 day RSI is about 10, the VIX giving a buy signal with the 10% stretch, and I have dipped in on some SPY in the 128.75 zone. I have plenty of ammo for scales at lower prices.

I read an interesting quote while away over the weekend; "The difference between a successful trader and a not so successful trader is the successful trader does not make a habit of buying the high of the range or selling the low of the range."