Graphical example of what I was speaking about in previous post and why S&P 1150 might be some support for at least a cursory oversold bounce.
[click to enlarge]
EDIT 11:50 AM - the predictable cursory bounce off 1151ish did happen, and we go 4-5 quick S&P points. Now we are back to rolling over and in the 1151s. Now the real action happens.
EDIT 11:55 AM - Selling the puts bought about an hour ago here at 1151 area. I think this will provide support for a few hours and tomorrow morning we have news event risk with the monthly jobs report. Plus I need to soak in a victory. If 1150 breaks one can rejoin the fight.
Best Of FMMF
- 1: Warren Buffet Piles on Europe
- 2: [Video] Jim Chanos Returns from Europe, Even More Bearish on China
- 3: A Chart to Open Our Eyes - Staggering Changes by Multinationals in Employment Behavior 00s vs 90s
- 4: Futures Blasted on Dexia Woes... and Poor Preliminary China Data
- 5: Market Working to Worst Thanksgiving Since 1932
- 6: Et Tu, German Bonds? Poor Auction Raises Eyebrows