Buy the rumour, Sell the news

After all, that is one of the few sentences that holds true most of the times on Wall Street and so did yesterday. And honestly, the speech of Geithner really didn`t offer anything "great" the market was clearly looking for. No solutions at all, just the plan that they are planning to solve it, just how this could happen seems still in the dark. Now we are close to support levels on the SPY and the market seems ready to head lower over the next few weeks. Like I stated here before, I think we will re-test last years low and probably break them. Although it was a nice rally over the last 2 weeks. Today is another important day, as we will see if bulls can regain some of their momentum after yesterday`s plunge or if they`re giving it up for now.