Big down day in the SPY today, questions about Europe loom.  Long legged doji lower w/ support 121.6 & 120.60, resistance 122.60 then 123.50 and 124.55, RSI & MACD down.

Strong:

NTAP(s 38.80/37.24) GCO(watch 60, s 57.50) SAM/JDSU/FIRE(earnings gaps) DDS(watch 52, s 50.10) AU(s 45/44) GG(50day) FST(continuation, watch 13) THOR(novice gap).

Bearish: charts gappy/messy, but:

HAIN/XCO(earnings potential) KRA(continuation) BWLD(tail, watch 64) FWLT(watch 20) OVTI DMND.

Economic Calendar:

MBA Purchase Applications
7:00 AM ET

Challenger Job-Cut Report
7:30 AM ET

ADP Employment Report
Consensus  8:15 AM ET

Treasury Refunding Announcement
9:00 AM ET

EIA Petroleum Status Report
10:30 AM ET

FOMC Meeting Announcement
Consensus 12:30 PM ET

Chairman Press Conference
2:15 PM ET

Tuesday's Analyst Room Alerts/Watchlist:

big bounce off the bottom in OI, CELG, NXPI, BBY, ALL... most longs on list over $1.00 ...

CELG .30 long
NXPI $1.50 long
LEAP .40 long
CPHD, NFX down $1.50 plus...

Element Trading
Charles Vaccaro