THOUGHTS AND LEVELS

The areas where most technical types will focus on as support include 1240 and 1220. The obvious areas of resistance remain 1280 and 1290 but don't count on seeing those levels any time soon.

Revshark also gave an updated market commentary this morning, check it out:


"We seem to have a perfect storm of negatives coming together this morning. The unrest in Israel is heating up and is close to an all-out war, oil is hitting record highs on the news, inflation and interest rate concerns continue as Japan prepares to raise rates for the first time in many years, and we have to wait a few more days before we start seeing earnings reports. It is tremendously gloomy and negative and that is going to eventually lead to some interesting action.

Our job is to make sure we have our capital ready and are mentally and emotionally prepared to move when the time is right. It isn't right yet but I believe we are getting close."

Broken record continues. My question to the rev is what happens when earnings come and companies start reducing second half expectations.