Wednesday, October 21, 2009

S&P 1100 Current Line in the Sand

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Just another week of no fear... the only question anyone asks now is should I buy now or should I buy in 15 minutes? Watching these futures overnight is bemusing; much as we saw in April and May 2009 we have -6, -7 on S&P futures deep in the night than they by forces beyond our comprehension they tick up between 7 AM and 9 AM, and next thing you now know 9:30 AM we're positive. Magic.

We have a very concise and playable range, and since selling off is no longer an option we await the flood of buying once S&P 1100 is clearly broken. Or we see if that little gap is filled at S&P 1075 - which we buy. Either way, there is only one strategy: buy. It's just a matter of at which point, how much, and when.

Yawn.

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