Nuts. This market is just nuts.
I am using S&P 960 as the support (weren't we here just a week ago?)
I am buying this morning's dip across a broad range of names - all the same guys we let go yesterday morning into the 400 point rally. (keeping in mind we exited yesterday with about a 50% cash position, so it is all relative)
It feels like groundhog day - but yet again it is "student body left" and "student body right"
If we break low S&P 950s I'll be wrong and reverse and strap on helmet with short exposure. Away we go - no investing anymore. Just trading.
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2 comments:
I've left investing only in "pooring of america" stocks.. and those, only when the market sells them off hard - and the technicals improve.. and on a 60 min chart, because that's the new daily chart... and only when there's a catalyst like a bailout... wait.. this isnt investing anymore...
Seriously, investing is dead for the foreseable future it seems. and stocks now trade on the 15 or 60 min charts as they were daily charts.
Looks like someone is defending that line: S&P 950
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