Futures Point to a Flat Open...

11:00 am ET - last night in my AT webcast I put on a subjectively based bearish virtual trade on the SPY...if you were there you may remember that I said to do this trade required ignoring the intermediate sideways trend that was at support, the 5 day trend that was neutral and the 1,040 support level that has been a pivotal area of resistance and support since October 2008...I placed a virtual trade on the SPY to buy the Sep 106 put if the SPY traded below 104.90...I placed the initial stop at 107.41...I said that if the SPY found support in the 104 to 104.50 area and began to reverse that I would tighten the stop since the subjectively based bearishness was not becoming reality....the original buy order was filled at 9:31:00 for 2.57 per contract...at 9:48:47 I moved the stop from 107.41 to 105.55 which was Monday's 105.30 close plus 25 cents...that stop was filled at 10:03:44 for 2.18...I stated last night that I did not like this trade because it was not an objective view of the market and was based on the assumption that a trader was subjectively convinced that the market was going to break support and go lower, but that I wanted to demonstrate how to do a counter trend trade in an intelligent manner...this morning the SPX appears to have made a triple bottom...I also pointed out last night that if Tuesday followed the pattern of the last 5 trading days that Tuesday would be an up day...while it is too early to know how the day will finish right now the SPX is up 2 points after falling to a low of 1,040.88...

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ES -0.50 and NQ -4.75 are trading down slightly before the open pointing to a flat to slightly lower open...TLT is up 77 cents and the EURO is up 63 pips...

Trading Down - WLT, CHL, AGU, UNP, MA, POT, NFLX, FDX, CRM, FCX, USD, TSL, CAT, PCLN, CLF, CAT, FFIV, GOOG, ROST, CERN, AMZN, AAPL, BIDU, VRTX, AKAM, ERTS, JOYG

Trading Up - PCP, VOD, HSIC, MICC, TEVA