There is blood flowing in the streets this morning with the futures as European and Asian markets last night saw sell-offs in the range of 2.5-3.5% across the board. As a result, the Dow futures are down 225+ points, while the S&P is down over 27 points, and the Nasdaq is down over 41 points. The SEC might finally get the chance to try out those circuit breakers if things keep going the way they are going now.
Planned economic reports this morning include Durable Goods Orders at 8:30am and New Home Sales at 10am - but honestly, who cares? Neither of these two reports will have any bearing on this market, as it is all about the Euro and the economic collapse of European countries.
So when the time comes and these worthless excuses for human beings start rioting the street like they did in Greece, because for once they are going to have to shave and go find an honest living for the first time in their life, then we as hard-working citizens of the greatest country on earth need to respond with equal force and yell it from the roof-tops, the church-house, school-house, hen-house and dog-house, to "GO GET A JOB 'YA BUM!"
Wow! I wasn't expecting to jump on the soap box this morning, but it felt good to say it though, no lie. As for the trade setups this morning...ask yourself, do you really want to trade off my charts, that once the market opens in a couple of hours, will be totally worthless? I didn't think so. I actually had a few descent setups I wanted to publish but won't because of the huge gap down we are going to see at the open today. So be careful out there, if you are still heavily short this market, consider using this sell-off to start taking profits off the table.