Market: What will happen next few days?

Interesting that you would ask, because right now there is a coiled spring situation happening. A coiled spring is a bunch of potential energy coiling tight and rearing back much like a snake rearing back before it explodes forward to take a bite. Lets look at the chart for SPY:

I like to look at the SPY chart if I really want to go a few degrees back behind the scenes that QQQ displays. It goes a bit further for me and lets me know what is really happening behind the polite QQQ. As you can see there is some sideways consolidation in the market which is really an indicator that a coiled spring is forming. Nobody in the market knows whats next, everyone is looking at China, then they are looking at the Fed, then they are looking at any reports that are coming out then looking back at each other. No one knows. So the market trades cautiously and walks to the side. Until there is that one big news event that blows the spring. At this point I am unsure as to the direction its going to go up or down when it blows, I can only speculate. But lets look at it logically. Why would it blow to the topside and get back right where it was 2 weeks ago? China is a problem. The global manufacturing economy is falling, so fuel needs are falling. And why is manufacturing falling? Demand is falling because the world economy is ill. So based on all of that, we are waiting for some news to come out of China or another country like Greece happening (like Poland I heard today) and then Boom to the downside.
On the other hand, is there really room or pressure for the Market to blow to the downside? Yes, there is. Look at the chart, it was already way down there and it could go down there again in a panic. Where we are right now is on very thin ice, never mind next year. Tomorrow I expect things to wander down a bit barring any news.
But I expect this spring to blow south, so stay frosty. Tomorrow I am going to watch the market action and if I think that its appropriate, I might buy a baby leap like 3-4-5 months out at the money and just hang it out there waiting for the coil to blow.
Stay cautious if your game is calls and long, these are not safe times. Dont jump into anything right now, such as , "Honey, lets buy those 500 shares of Mircrosoft we've been talking about!" No. Nows not the time.

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