Market bottom maybe in for now...

Market fluctuated in first 30 minutes of trading. INTC lower 3rd Quarter expectations and Ben Bernanke spoke at 10am. All the pessimism seems to be priced in for the day. The market is up presently but not by much, SPX about +4 and Nasdaq about +5. There is something to take a note upon with respect to TLT.It looks that TLT is fighting a support that held two days ago. Yet it has not made a higher high in the previous two sessions while the market has been very much stuck in a range. A crack in TLT around 106.75 support will be a indication for markets to go higher.

Also to note the 1040 on the SPX was defended today and therefore a bottom may have been in place for intraday. With all the negative news out and the market is still up, it gives me the support to go long the market today.

Disclosure: Short a couple of 105 SPY weekly puts.