Well to give you guys a little mid day update...
Yesterday I said that we have held where we needed to so far but I remain hesitate and cautious. The VIX is now over 20 (first time since July), the indexes are down about 1%, and the leaders (banks) are leading us down. Yesterday or this morning was a good time to take off some risk for swing trades or day trades and we continue to see uncertainty in this marker. I believe we will see a rally in 2013 but until the chart tells me that I will remain cash (for the most part) and monitor the situation I said a day or two ago I will more than likely not trade any more this year because of Washington and the lack of volume in this market, this is still true.
I do think it is probably too late to short this market today, maybe you could get in short on a bounce to the 50 SMA but we have seen multiple down days in a row and it dangerous to chase after such a move. Another thing to remember is that we have seen a trend in the afternoon hours of where we trade higher and recover some of losses from the morning so you would hate to be caught in that if your were short.
Apple is still very weak and looks like it wants lower, below 500 is very bad for this stock.
Facebook continues lower and looks like it wants to go lower too.
Google is OK, not a buy but not sell if you are a position trader.
SPY is broken. I am looking for a bounce around the 139.24 area if not before but remember it is not a good idea to chase a