Ten year notes, SP's

Ten year notes are the only market starting out in a trade zone this morning. A buy wouldn't come until lower prices or later in the day however, around 119'12.

After yesterday's terrible finish in the sp's, the charts only look worse. Sell levels are higher though and will monitor for day trades.

On a side note...What looks like the Mother of All Tops is the cash SP monthly chart; a double top from the March 2000 and last October's ('o7) highs, breaking the October 2002 low which we accomplished yesterday. The projection would be to zero. More optimistically, a trend line from the August '82 lows through the August '84 lows and the '87 lows comes in about 725. I hope that holds.

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