Small late day pop still possible

Oil continues to scare traders as it closed at all time highs near $65/barrel. Interest rate concerns over tomorrow FOMC meeting is acting as a drag on the market. Although Semis and Small Caps are not doing too badly, the market cannot seem to get anything going on the long- side.

We've finished piecing into our long-side QQQQ trade and are now looking for late day strength to sell into. The dip buyers in the market were weaker than we had expected and we have no intentions of overstaying our intraday trade. Win or lose, we expect to be out by the end of the day.

NT is still holding up which indicates that not all hope is lost for a late day bounce.

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