Today's news was dominated by the GM IPO which is scheduled for tomorrow. The market could rally tomorrow based on the anticipation that the GM IPO will go well. The overall market still looks weak. Any rally should be looked at as an opportunity to buy puts for the expected next move down. A rally back up to the 1200 area on the S&P 500 would represent a 50% retracement of the recent move down. This could be the target area if the market rallies for the next few days. I'm not touching GM tomorrow. I don't see many patterns that I like right now...at least none that are in good entry positions. We'll see if anything changes tomorrow.
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