Don't Miss the Train at These Two Stations

First and foremost, I still see plenty of "holding and hoping" from crude oil longs, despite another gap down today. While shorting crude down here is a tough trade, I am not so sure we have seen that true sentiment shift toward fear, panic, then apathy, which we typically see at a bottom. Thus, I continue to remain flat in the crude oil complex, as I noted last night and previously. On the 30-minute of the crude oil ETF, first below, note the potential bear flag. If USO loses $17.45 I suspect we see another sharp leg down, this time perhaps leading to some humility from trapped longs finally capitulating. And as far as equities, we have a sloppy red tape today, mixed in some areas. Small caps are actually lagging noticeably. But as far as SPY is concerned the 30-minute chart, second below, shows a well-defined tradable area--That 20/50 period moving average confluence just below spot price. Below there, I would entertain a quick short, while bulls, clearly, want to defend it as support. Other than that, I still have a runner on my NUGT long, and have plenty of cash on hand for new opportunities (and, no, bottom-fishing either FXCM or CSIQ is not one of them for me).