Nasdaq 100 falling below trend line

Check out this chart of QQQQ. 

Back in July 6th, the Q's fell below the trend line, but was able to recover by gapping above the trend line on July 15th.

The thing is, once fall below the trend line, the line becomes a resistance.  Can the Q's pull a July 15th style recovery?  Or will it be turned back by the trend line?  We shall find out tomorrow.

begin bearish bias

Short term bearish bias.  Also, bearish for mid/long term.  Market has topped out at current levels. Shopping season will have nothing to celebrate. Market should head lower around Dec/Jan time frame, if not sooner.

Another month, another round of crazy put buyers

October option activity continues to provide strong base to market.

Almost forgot about the final group of buyers

Put/call ratio is very high. Over-eager bears may become the final group of buyers next 2 weeks.

Market Topping Out?

Back in February, I said the market should come back to 10000 and then head downward. Well, 10000 is an approximate number. Maybe 9600 is close enough.

Benenke

Benanke said "recovery", and that convince a bunch of people to jump into the market.

That ought to be the last batch of "investors" there ...

10 Trade Days Til Expiration

The market has run too fast too far. I think there will be some sort of correction before option expiration day.

Look for the following to correct themselves:

Oil - XOM etc

Commodities sector

IBM, AAPL, etc.

Japan - EWJ

Gold & Silver