Today on the Marketbeat: Roller Coaster Market

Market #'s @ Closing Bell:

S&P: -3
DOW: -24
NASDAQ: -7
Rus2K: -6
TSX/S&P: +24
$VIX: +0.56


Internals:

Core Sector List: 11/5

- NYSE -
BREADTH: 1.4/1 Neg
AD LINE: -270

- NASDAQ -
BREADTH: 1.1/1 Neg
AD LINE: -580

Today on the Marketbeat: Roller Coaster Market: Watch 915 on the /ES

After Tuesday's lack luster market day, with a market range of about 10 ES points...FUNNNN, Wednesday packed a big wallop. The Market rallied in the open up almost 10 points on the ES, with no apparent news or internal strength to keep it up. We all watched as the market fell apart soon there after as the internals switched from green to red in the first hour of trading and the market soon then followed plunging down triple digits on the Dow Jones. But, into the close as has been the trend lately, the bulls stepped in off the lows and rallied the equity markets back near break even on the day, leaving many a personal investor scratching their head.

The bottom line is this, the markets are still caught in a consolidation channel, watch points 950 and 915 on the /ES and you will get a better idea on how its been playing out for the past 8 trading days. These should be big lines in the sand for any swing trader (or longer) and until one of these levels is breached, we should remain neutral to cautious. Large moves usually follow these consolidation patterns, and as of late those big moves have been to the downside so whether you are bullish or bearish - be cautious in the coming days...