Wednesday, November 7, 2007

1490 is Now Broken on S&P500

Posted by TraderMark at 1:29 PM TweetThis
As I have been stating, that's where it could get ugly. Let's see if the teflon stocks i.e. Google, Baidu, Apple weaken from here - those are the generals that need to be shot for this market to truly falter fully.

It is still only an intraday break of this support, but if we don't rebound, 1440/1450 could be a very real possibility....

Remember, Cisco reports post close and it should be good. That said, the macro events finally 'matter' - as I mentioned last week, oil at $95 doesn't matter but oil at $100 does. Humans are very strange in that we attach such significance to round numbers i.e. 19 year anniversary who ares, 20 years? Hoopla!

It's an ugly day but their are pockets of strength - take note of them - those are the areas that you want to be in, when things quiet down.

Posted by TraderMark at 1:29 PM

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