Thursday, February 4, 2010

S&P 1070 Arrives - with Bells Off

We have now effectively retraced to lows seen last Friday, intraday.  A tad bit lower in fact.  I suppose the bull case is this can be a potential "double bottom" from which the "wicked awesome" employment report will launch a rally.

I am having none of that, although I'd expect bulls to defend this S&P 1070 level and an intraday bounce of some type should ensue.  Let's see how their efforts work out.   Quite a nice reminder of how quickly upside moves can be erased.  Monday and Tuesday were just blasted into the ether in a matter of 2.5 hours.

If / when this level breaks, another 25 "easy" S&P points lay below before any real support.

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