Decision Point

Tonight's post will be short and chartless.

Even though the Dow was only down 2 points today, it was my best day in a long time. I'm very short oil service stocks, as well as a hodgepodge of other items (like GOOG, down over 10 points today). Many indexes had a "spinning top" formation, which indicates that tomorrow (Thursday) is a pretty important short term direction-setter.

It sounds glib to say, but tomorrow's market will either be up or down. In other words, the market will either shake off the recent downward movement and move decisively upward. Or it'll continue to soften (which is what I'm inclined to believe) and regain its downward momentum. It's not going to continue to flatline.

Below are some indexes with some recent lows. If and when it takes these out tomorrow (or anytime soon), it'll add to the likelihood of more bears joining the ranks.

$INDU 10,661
$COMP 3,663
$TRAN 4,059 (this index has been very strong but looks super toppy)
$XMI 1,072
$COMPQ 2,241
$NDX 1,633
$OEX 569
$SPX 1,245