A Look at the 3 major indices

A bearish manufacturing report sent the market lower today but in the last hour of the day, buyers came in and rallied prices back up.
Looking at the above chart you can see that the Nasdaq is still the weakest..The nasdaq is the only index out of the 3 to make a new low for the week today..The SPX didn't even come close to making a new low for the week and it also rallied the most today at 3:00.. Thats why I've been saying if you do decide to short this market, you should be shorting the nasdaq and buying commodity stocks.. Even with a weak market today many oil stocks were up nicely.
I don't know how many of you are day trading or swing trading, but the intra day swings have been huge and come out of nowhere..Playing from the short side today seemed to be working well until the last hour..This is a very difficult market to trade and if anyone tries to tell you otherwise, would you do me a favor? Punch him! (wink)