Yesterday was extremely unpleasant. All of the major indices were hit first by news that Hungary may default on it's sovereign debt and then by a bad jobs report. All the news is bad at the moment. The high on the NDXfutures yesterday at 1903 is a high that I believe will stand for some time. So we shall remain short both on the short term and long term time frames. One additional note: I have made a major break through in research during the middle of last week. I mentioned on initiating the blog that the site related to ongoing research which is probably now complete. This will result in more accurate trading so expect profits to escalate in coming weeks. I'm morally certain that lower prices lie ahead.