Yesterday we had a ridiculous sell off. Three days worth of gains got completely eliminated. Yes, we were expecting a pullback because the market had been walked up on light\/moderate volume during the holiday, but yesterday’s price action shows there is fear in the market again.The price action yesterday put us today in an uncomfortable position. You could argue that we sold off too much into the close and thus should expect a pop on the open. You could also argue that we closed so weak that any short term pop\/ gap in the am is going to be met with heavy selling again. We could also see serious spikes in volatility down at these prices (those caught long from yesterday could fight it out with those thinking this is too low).Today I am going to focus on WFC. This financial stock has been relatively stronger than its peers. The stock got obliterated into the close and is showing some signs of strength in premarket. The stock is a point away from support and a point and change from resistance. That gives me plenty of room regardless of what the market tries to do on the open. I don’t particularly have a bias this AM so i am just going to watch the price action and let that determine our direction.Good luck with your trading today.<\/p>\n","protected":false},"excerpt":{"rendered":"