7/2T4:03

M.M.W MYGN:

I sold the stock for a 3.1% gain due to the collapse in the equity markets. Transports are down over 8% in two days! NASD dropped 2.3% today. While I like the idea of MYGN I just could not stay long in the midst of this carnage. Lets watch and buy back if we get a drop in the stock and the markets recover.

As for the markets, tomorrow will be a very important day. It's only a half day but a lot of catalysts:

- Tricky Treche, the head of the ECB, should be raising rates tonight in Europe. This will continue to put pressure on the US$. However, he is tricky... If he doesn't raise rates watch the US$ fly as shorts cover. This action will hurt gold and boost the equity markets if the trends continue.

- US gov't payroll data is announced tomorrow. If it is in line with today's ADP report look for a continuation of the sell off into the three day weekend, that could spell real trouble. However, I believe it is more likely that the numbers won't be as bad. In the past when the ADP numbers are worse than expected the Gov't numbers are better and vice verse. If you are a conspiracy theorist, than you should also look for a better number that will allow the Plunge Protection team to rescue the market before the long weekend.

Action: If the number is better and or the ECB doesn't raise rates than we need to be buying the alligator buy signals on the market that will no doubt materialize. We may also want to cover shorts for the time being because another strong day on volume will be another accumulation day and a follow through of sorts.