Market swoonalysis for June 24 2011

Today was the ultimate definition of the term " constructive". People throw the term around and it usually is paired with " comfort", "profits" , or " bullish". A person really concerned whether something is constructive or not, factors out these feelings and any other emotions. Rather, the wise analyst merely like the fact there prices are now certain of their preferred direction.On Wednesday, March 16th, 2011, we "bottomed out". Many saying we finally recieved a climax in the selling and it was only up from there. I do not think it was. Remember, if we retrace back to a prior level during toppy action, and the volume is not insane, it is likely stuck longs giving it their last shot so they can get out, and short covering knowing this prior level could be support. In order to climax selling, we like to see prices fall to an unfimiliar zone, where everyone who was long and could not stand the pain sold out because all zone's were breached and a free fall looked likely. Here is where the public will begin shorting, noticing without support, there is much downside. Greed is ugly and manifests itself on the short side as well. So now, the smart money buys everything dirt cheap from the longs selling in disgust and the short sellers. I believe today was the start of this. Like a hurdler preparing to leap over a tall gate, momentum must be gathered in order to surmount it. It seems that selling pressure is gearing up its strength to surmount it's support levels to get that. Again, these are my thoughts. Getting short here is %100 uncalled for, as the market has a mind, and it can and does always change. Thanks and have a great weekend, Jason