A SHORT NOTE ON TODAY’S ACTION!

Just a little micromanaging:

It is actually a bit of good news that a couple of permabears were paraded out in the news today…as usual, calling for crashes. Nothing wrong with some bearishness picking up.

On a technical note, this morning:

The Russell 2000 actually almost touched the LONGER TERM 200 day average at about 1005…where it should be defended for now.

The very strong SOX has now pulled into the 50 day average at about 565…where it should get some defense.

And most importantly, the NASDAQ went right into the very important 3980-4000 where it held Dec. and Feb…and where there should be a fight to defend.

We suspect with market oversold, they will hold for now. But to be clear, if at any time these areas are broken, expect it to invite additional selling. But for now, we think we should get some defense here…especially with the drumbeat out of the ECB that they are next up for printing a trillion in Euros.