The market continues to lose ground in the pre-market as the problems for the market are not going to go away easily. I am going to continue to treat this market cautiously with a downward bias until there is evidence of a potential change in trend on the very short term. All of my trades in this environment will continue to be very shot term in nature in the liquid issues except for selective options trades. Be very careful if you are attempting to fish for bottoms in stocks, bounces have been elusive for the most part. The absence of any real bounce in some of the hardes thig names makes me think there are some big players with forced liquidations when they are selling at such “obviously low” levels. For the stocks who I made the Icarus post yesterday (AAPL, BIDU, GOOG, RIMM, etc.) it looks like those stocks could move down to at least the rising 50 day moving averages. The 50 dma is NOT a place to buy, only a place to switch to lower timeframes to look for evidence that a buyers may be congregating at those levels. Wait for price confirmation before making purchases.

I haven’t watched it yet, but todays interview on WALLSTRIP looks interesting.