Goof Off Wednesday, page-8

SPI200 Commentary

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SPI continued to be range bound during the day session Tuesday but broke down lower overnight as the US markets had its first 1% move in 5 months. The SPI has been range bound for quite a while and I thought it would break higher but it seems that it wants to go lower now. Financials got hit in the US and China and Iron ore were weaker yesterday so we could see a decent move lower here if the banks and miners decide to sell off together. Now as a cautionary note, I've seen it happen a lot of times where the US starts to sell off and the XJO will just do nothing for a few days to frustrate the weaker shorts so be aware that it may do this today. For todays trading I am looking to buy dips around 5670 and sell rallies around 5730