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The market moved lower today and volume increased. Decliners beat advancers by nearly 5 to 1. Today we hit my target for the SPX one day early. The bulls, and accumulation activity, were visible at Tuesday's low. Buyers have returned. As the market gapped down to our turn price, we covered half of our shorts.

The bears gained strength from a big decline in home sales this morning. The market was able to rebound off the low's and small caps looked strong today. I will be watching crude and small caps closely tomorrow. We are long BGZ and TZA from last week. I will not risk those gains.

The sellers have momentum going into durable goods tomorrow morning. While that release of economic data is key, the oil inventories will also be a huge component. Oil has performed unusually poorly over the past month.

Crude is trading at a huge support area that would spark a massive rally if defended.

The Chart of the Day

EXACT (Nasdaq: EXAS)(CHART) may have the potential to double.

The stock has traded in a range of $4 to $5 for the past year. It momentarily sank below $4 and quickly moved back in the range. Volume has increased on each positive day over the past three months. Someone is buying this stock. The sellers may be washed out and looking at a five year chart; this company can move fast. Shares need to find support at $4 and take out $4.75 next month. Volume should increase on the move higher, which will likely result in an upside break-out past $5. In the near term, RSI needs to take back 50. MACD turned bearish today, 200 DMA is must hold support $3.95.

Watch List

The TradeMaster Daily Stock Alerts' watch list was lower today, much like the market.

Leading the way for bears was Ctrip.com (Nasdaq: CTRP), which is near my first target of $38.

Send comments anytime editor@trademasterstocks.com