Charting the market (6/6/2011)

1300 was broken. Projected downside is 1250-1260 (200MA). Market is oversold. But prepare for another dip in next few days. Then we probably should look for reversals (relief rally).

Today's short: NFLX. We can comfortable say that NFLX reached near term top. Downside target is between $245-250.

US$ could rebound in next few days, we should expect commodity related shares to have another dip from current level. Also expect Techs to have another dip too.

I would like to see oil drop to $90, gas to $3.