So far, this week has been pretty rough for the bulls. Not so much though for the bears and so far it has been a pretty good week for Shareplanner Subscribers. We have capitalized on some nice gains in SKF and QID. But the big question for many of you is just how oversold are we in today's current market environment and how does it compare to the long-term price trends.

Looking at the chart below, that measures the number of companies in the S&P 500 are trading above their 50-day moving average, you will see that we are at historic lows for this indicators, the likes of which hasn't been seen since late 2002 - which managed during that time to put in a bottom in the market and begin the long road to recovery. Can't say for sure that we are at a bottom right now, but the markets have been doing a very good job at holding its recent lows. 

All those bottom callers got an ugly dose of reality today, as they now have to question themselves as to whether this market is really capable of hanging on to the recent lows. There are still a lot of unsettled nerves out there, and investors continue to seize rallies as opporutnities to sell into strength. Confidence in this market continues to be the issue, and after today's rally, it appears as if the market is looking at taking another leg down.

Support levels are holding on by a hair, and a sell-off of any type will break key support levels and send this market lower. 

Here's the Nasdaq and S&P charts...

Futures are pointing to a negative opening after weakness overseas in the Asian markets as well as European. Apple and Yahoo had well received earnings reports, but may serve only to provide a cushion for the Nasdaq to the downward selling pressures we are seeing heading in the market's open. In any case - four stocks on our watchlist today - and they are all shorts. Nothing here worth buying! The first is our favorite followed by some others. If you want to know our strategy for each of these, or which ones we will actually put out there for our subscribers then you better join the fun.

CRY nearly doubled on no major news and on declining volume. 

Here's the rest...