Market overview for March 30

Futures we horrible this morning following GM's news and we gapped down pretty big. President Obama was scheduled to make a speech at around 11:00AM, so it was a choppy morning to trade.

My first signal to short the market was around 10:15 when the SPY was rejected at the VWAP. Instead of trading SDS Long like I normally do, I decided to go with a long in SRS. I was a little early on the call and was stopped out for .50c (I think my stop was too tight and something I need to rectify).

My next signal was around 1:00PM, again to short the SPY. I did not take the signal and was willing to sit on the sidelines as the market was holding support at the 780 level on SPX.

I think we are at an important juncture for the market this week. SPY is holding the 200MA on the 60Min Chart (with a Stochastic Buy setting up) and if we hold 76-77, especially on lower volume, then I think the chances are pretty good we move back up next week. We'll see how the market unfolds and I hope to be ready take advantage. Other than my daily signals, I'll post what signals I get for a short term (multi-day) move for the SPY on Twitter.

All the stocks I highlighted over the weekend gapped down (as did almost all stocks today) and continued moving down most of the day.

Good luck!