Friday 16 July 2010 : dow -261

the 2nd melee could have started, like many have said, boobs chart has formed. commodities 2nd and lower waves have taken shape too.

i am fundamentalist but i believe this is chartist’s nightmare. worst case scenario brace for another few hundreds pts shed for DOW. Rolling Eyes Rolling Eyes

even US treasuries continue advancing… cheers to bonds

Cashin also noted monthly July options expire today, which could be negative for the market.

“The July expiration has a negative bias to it,” Cashin said. “It’s been down 17 times in the last 28 years, and the day after the July expiration has been down 20 out of 28 times. We have a little seasonality to confront here.”

according to art cashin, monday DOW will go down further with a probability of 5/7.

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