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Market Update$

Keystone Trading Group Market Update
October 16th

After disappointing earnings from Bank of America (BAC) and General Electric (GE) and a drop in consumer confidence this morning, the markets are on the defensive. However, similar to recent history, after the gap down in the morning the markets have stabilized and have begun to bounce. The support level in the SPY that we pointed out for the last few days has held ($108.18). Until we can get below this level with some volume, we will not short aggressively. We had success at the open shorting both BAC and GE, but covered as they began to bounce. We will be looking to short them at these higher levels. Our belief is that we will begin to see a pull back in the markets over the next week or so. However, we will not be aggressive until we some of the longer term chart pointing down.

As we pointed out in the “Quickie” yesterday, we would be buyers of the USO and indeed we had a nice trade yesterday. We booked some profits along the way but continue to hold some and will be buying more on the next pullback.

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