BIG BOONE

Hope every one caught Boone Pickens this morning on CNBC. He really put it out there with a prediction of $70 oil before $50. Of course that is up $11 before it goes down 9 - so not sure how much of limb.

Anyhow the DJIA is set up down about 45 and I bet (trade) it won't be long before the bulls step in and buy this dip. There are some pretty well defined entry areas for the YM DJIA futures at the 11,860 and 11,880 levels.

One big reason I think this dip gets bought pretty quickly is the action in the NAZ futures. They are hardly red on the heels of the DJIA dip on the AA miss. GS also indicated lower and it will be a pretty good tell for when /if the market will turn.