Market In Trouble–July 2nd

After yesterday’s strong bounce the market failed to have a second consecutive up day.   There was steady selling in multiple sectors all afternoon.  Tech and Energy in particular got hit hard into the close.  Energy stocks were selling off despite oil  setting new time highs.  If the tech selloff continues tomorrow we will breach the 2008 lows and may start to find a tradeable bottom.

 I will observe tech and energy in the premarket and see how the react to the June jobs number that will be released at 8:30AM.  I’m going to keep an eye on JRCC that closed down 14 points.  MS defended the coal stocks at 3pm and they continued to get killed.  If JRCC bounces I would look to dump at 48.50.

 RIMM low on wednesday was 113.72.  Will look for a bounce from 114 if it drops on the Open.  Resistance at 118 and 119.

Leave a Reply