Market Thoughts July 8, 2009

The market kept climbing slightly for another four days after my last market thoughts on June 25. Then on July 3 we saw the pullback that we have been waiting for, S&P down about 8% so far.

Oil is just $3 away from our $60 target and the four horsemen down 7-22%. RIMM looks the weakest and might be a perfect tech short if the markets roll over.

Tomorrow will be interesting, a bounce off current levels would negate the emerging H&S, but a drop below and then a kiss goodbye would be the short play. GL!