Not all is gloomy!

4:28PM Tyco Electronics raises Q3 guidance above cosnensus (TEL) 19.26 -0.61 : Co issues upside guidance for Q3 (Jun), sees EPS of $0.10-0.17, ex items vs. $0.03 First Call consensus, prior guidance $0.01-0.06; sees Q3 (Jun) revs of $2.45-2.55 bln vs. $2.4 bln consensus, prior guidance $2.35-2.45 bln. The increase in revenue is due to improved sales in the consumer-related end markets served by the Electronic Components segment, additional project revenue in the Undersea Telecommunications segment and foreign currency translation.

Turns out that Friday's action was nothing but a fake move in many sectors... Glad I was short, i.e., 20 put contracts on SPY and I actually made money today... Lesson today was that I shouldn't have sold them at the open... Anyway, this downside correction is likely to continue until we see the # of stocks above their 50EMA falls to oversold levels... it will be a great buying oppy then... meantime, I expect some bounce for a day or two and then panic sell-off... I really hope we get one panic selloff, which will be really comforting :)...

The pattern on FSLR is interesting on the downside, a big gap to fill there... CME looks tired and looks ready to touch $305 in the short term... GOOG, AMZN, PCLN look ready to bounce a bit on Tuesday/Wednesday before resuming more to the downside to test 375, 76 and 100 respectively!

I hope at some point the juice will flow into biotech/ealthcare sector lifting CEPH, CELG, ABT, GENZ & FRX!

KCI looks interesting already - -am putting GTC order to buy KCIIF for 50 cents...

Lots of more trade ideas to write about but its getting late... rest tommorow? May be...