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We had been looking for stocks to bounce but instead we back tested support now resistance and have been falling like astone ever since. While the economic news flow has been sub par the market in my opinion is drastically overreacting.Lower inflation numbers, reasonably good corporate earnings, and a loose monetary policy provides a positive backgroundfor stocks and when the market tires of focusing on sovereign debt issues it will rally. The selloff now is being driven bycomputer trading systems that do not consider reasonable valuation for companies but rather feed on momentum. If thereserve currencies such as the Franc and Yen stop their appreciation and the long bonds start to sell off we will see abottom inequities. The analysis is for educational purposes only and not a solicitation to buy or sell any security at anytime. The comments are made in the context of ETF position trading and Forex position trading. Visit my technicalanalysis blog for more information at http://www.sealionllc.com

Recession Worries and the Computer is in Charge

Chart #1 SPY, SPDR S&P 500

Please support us by choosing services from our partners. The offers are free and help support thischart book, our video analysis on YouTube, and other great services. Your support is greatly appreci-ated. Visit our website www.sealionllc.com for more ETF technical analysis, Forex technical analysisand thoughts on ETF position trading and Forex position trading. We maintain a technical analysisblog and demonstrate ETF expertise and Forex expertise. You can get more information on our part-ners there as well.

This chart book is for educational purposes only and not a solicitation to buy or sell any security.

08/08/2011Volume 1, Issue 18

Sea Lion Capital Management LLCChart Book

Chart Notes:

Will return to counting trendmoves in a channel when themarket returns to makingchannels. Here I have postedsome long term channels andyou can see the uptrend hasbeen broken today. Willprice find support on themedian line and recapturethe trend or will we head forthe channel support line?

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Page 2 Sea Lion Capital Management LLC

Chart #2 IWM, iShares Russell 2000 Chart Notes:Will return to counting trendmoves in a channel when themarket returns to makingchannels. Here I have postedsome long term channels andyou can see the uptrend hasbroke last week. Will pricefind support on the medianline and recapture the trendor will we head for the chan-nel support line?

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Page 3Volume 1, Issue 18

Prices are lower and now sit at the median line. A short term bounce is possible but prices will golower. Pessimism over the Euro zone will continue to weigh on the pair.

Chart# 3 EUR/USD, Eurodollar Chart Notes:Markets bullish trend broken withviolation of prior swing low.

Markets bounces and reverses butputs in a lower high.

Market retests $1.40 low and if itholds a sideways channel is in place.

Prices reverse on support in anevening star reversal in a show of strength and the markets wiliness tobe open to risk.

Prices have failed to advance thereversal and are now below thereversal high. A retest of lowerchannel support looks likely.

Prices made a dead -cat bounce andwill head lower to range support.

Prices have edged higher but are stillbelow the median line and are poisedto reverse.

Prices rallied just short of the priorhigh and have begun to possiblyreverse. A reversal would correlatewith a downturn in equities.

The Euro strengthens against a weakdollar and mild concern over the USdebt ceiling crisis. Prices will reverseshortly.

Prices reversed hard today and a newdowntrend has begun.

Prices paused in their move down butthis is temporary as the next movesare lower.

Prices finished lower but have notclosed lower than the lows of lastweek. A break of the median line willaccelerate the selloff.

Watch for a short term bounce at themedian line before prices continuelower.

Prices have returned to the medialine with the focus off the US debtceiling and squarely on Ital y andSpain. Lower Euro will continue.

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