Express Elevator to the Twelfth Floor Please~

6:18 PM EST

I gave you everything you needed last week.  I mentioned the Greece insnaity.  I stated clearly that the VIX is elevated.  I even said "Dropping below this (the 100 SMA) will change everything and open the market to much more downside..............if we cannot hold the 100 SMA on the daily chart it is likely we could go as low as DOW 12,000 before seeing a change in direction".

Well, here we are.  Almost there, DOW 12,000.  This is a big psyche number.  And we may break below that as well.  Cross your fingers, as a close below 12,000 is very bad ju-ju.  That alone could take us all the way back to DOW 10,000.

Again, I won't re-hash the news.  Last weekend we knew the Greece issue was front and center with all the drama and spill over it implies.  And when we broke the 100 SMA on the DIA, I think I heard someone yell, "LOOK OUT BELOW!"  Yes, there was some good news on the economic front of the good ole USA.  But the insanity happening in Greece is making everyone so nervous that it meant nothing.  The Market tried to bounce a couple of times, but it was a no-go.  The Bears are hitting home runs and the Bulls seem to have left the playing field.

The only thing left is to wait patiently for a reversal and BUY, BUY, BUY.  There are some great stocks out there that have fallen for no other reason than the fear that Greece is causing.  When the reversal happens, it will be a good time to pick up a few bargains.  So get busy, reiview your fav's and more.  Find those bargains, and wait for the reversal.

Supports are DIA Daily Chart 200 SMA @ 121.81, then 120.00, and 118.00 after that.  Remember not to let the talking heads get you in a duther if we pierce DOW 12,000 intra day.  It takes a CLOSE below that number to incite another leg lower.

CURRENT MARKET TRENDS
Short Term (Daily Chart) – Down
Medium Term (3 day chart) – Down
Long Term (Weekly Chart) – Sideways with down Bias (Has not Broken the 50 SMA)