Outlook for Rebecca Black day and the next few days

The market has established (and will establish more) trading shorts ahead of the top in the S&P, the DOW and the NASDAQ from back on July 7 (and before then May). We are getting close to those highs so the early birds are getting their sells in. Given its summer and thinner than normal this is a reasonable strategy, there should be at the very least a pullback from these highs. But it does pay to know that the market is getting short. It appears the news is now out re Europe and the Greece bailout/haircut, so thats some good news discounted. No figures out of the US tonight. I think it might be a bit of a sideways few days approaching (barring anything extrogenous) as shorts sell above and buy back below. Good earnings figures are going to provide bids on the downside too.

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