Reversal??

The first down side target of 717ish was reached today. Although the price action shows no sign of turning, the volatility index indicates early sign of reversal. It is still in OS zone and it has to clear 719 tomorrow for any sustainable long. The next downside target is 708ish. This of course depends on CPI Wednesday. After hour, INTC announcement of 3Q profit leap elevated related technology stocks such as RIMM, AAPL and GOOG. All were up nicely after hour. Tomorrow’s numbers are 721r1, 719pvt and 716s1.

2c