Chartweek: SPY

Chart of the SPY.  A few points to note.

-The point on the chart above that shows the trendline and support level intersecting strikes me as important.

-Newsflow right now, especially from Europe isn't good.  Financials in particular act awful.  I think the market is more spooked by the end of QE2 than most pundits think.

-Indicies mask that there has been significant price and money flow damage to many individual stocks.

-Market is nowhere to registering an oversold reading by our work.

-Market is on pace to register one of its few monthly declines since this rally began last September.

-It is possible that we could raise another tranche of cash next week depending on account size, account strategies and individual client risk/reward mandates.

*Long ETFs related to the S&P 500 in client accounts.