You are correct. DJ isn't much the barometer anymore. That's why I use the SP500 more than Dow 30 index.

One thing I missed on my reading couple of days ago when I say we need to watch SP500 at 1250 (March low),
well, we have to bump that up to about 1255-1258 area because the 200MA line has crept up!

I almost forgot about this important line (200MA). 

SP500 was essentially flat today and it dips to 1 pts closer to the 200MA line today. Very dangerous!
This is very critical because if SP500 pierces through that line, it is going to trigger MASSIVE sell off, one after another.

This is essentially the same for all other stocks. When their line drops below the 200MA, it WILL trigger the sell off.
That's why you could be seeing most of the stocks are still in red while the major indices are in green.

Nasdaq today FELL below that line, that's why it is red. Dow is much higher but if SP500 falls, Dow 30 won't be far behind.
Remember to use stops to minimize risk.

Z: The computers are in control here. It doesn't matter if the stock (like AMD) been upgraded or not.. once sell order in place and if it part of an index (Nasdaq), it will go down like the rest of the dominoes.

Once the 200MA gets taken out, it will be like last year.. it will take approx 4-8 weeks for consolidation.

Be prepare guys!

I'll probably take some if it gets to $25. Looks like a take over candidate from here. 
Both trailing and forward PE now drops to less than 5.

Tonight, we got Greece fears again.. so market will dive at open.

Buy the dip, sell the rips opportunity here.  Good hit and run opportunity here.
AAPL @ 316.  TCK @ 44, LVS @ 37.50 

Closing for US market June 23
Dow 12050 -59.67 -0.49%
Nasdaq 2686.75 +17.65 +0.66%
S&P500 1283.50 -3.64 -0.28%

Don't panic.. 

We're in good trading range at the lows here.  The bears are in control but the bulls aren't giving up the fight there at the SP 1265-1270 level. It managed to push the bears back above the danger zone.

Today wasn't that bad.. market dips at open with a big gap down, then closer to 2 hours before close,
the market made an impressive come back and reclaimed about 3/4 of what's lost but still in red.

Nasdaq managed to score green big, partly helped by AAPL!

Bought some calls when AAPL was in 320.. and sold into close around 330. It was still gaining after hours, partly because on the technical bounce on oversold and managed to reclaimed the 200MA. Made another 120% on weekly calls spread.
Awesome momentum for AAPL. 

Psst.. take a look at C and AXP. If you like financials, I think something is cooking these both.

C - about to make a run above 40
AXP - nice dip.. buying opportunity here.

Good luck to all.

Friday close
Dow 11934.58 -115.42 -0.96%
Nasdaq 2652.89 -33.86 -1.26%
S&P500 1268.45 -15.05 -1.17%

IMO, the bears need to take out SP500 1250 or Dow 11550 (March low) for a complete flush down. 
Then, only this correction will be over, else it will linger here, we'll see dancing between bulls and bears,
going no where.

Need to see SP 1120 by mid-to-end of July.. and if that happens, I'm all in! 

not YOKU?

Let's hope so.. if this drops below 1150, I'm bailing. I got my stop here now.
Need to have a catalyst first.

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Added on August 9, 2011, 2:05 amI'm out.. 1152.. scalp $200 bucks only.
Absolutely no bid for this market.

Let' see if we can test 1120 by tomorrow.

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Added on August 9, 2011, 2:23 amDow 11K gone.  10.5k will be next.
Selling begat selling.

Let's take look at financials - worst hit:

C - $27.50  (cheap!)
BAC - $6.50 (cheaper!!)

Prophet - take some motion sickness medicine before going for second round. This isn't over yet. 

still hazy. Are you betting on it?
Sold20  AGQ @ 251, now short 15 @ 250.75

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Added on August 23, 2011, 3:30 amTake a look at BAC and C
my GS is also burning... arghh

C is super cheap now at 26.20 or 2.62
Coming close is AIG at 21.93

Prepare to enter AIG and C around $10. I'm staying away from BAC.