Friday, August 5, 2011

1175 Broken, So Longs Will Throw in the Towel Here

1175 broke on the S&P 500, so anyone hoping for that sort of support will throw in the towel.  We should get a woosh down quickly as computer orders hit, and then we have to see what happens.  Either another horrible day or a reversal after everyone is washed out....

It is fascinating to watch if nothing else.

EDIT 12:09 PM - Ok we got the break of support, the washout, and a small reversal.  Already back to S&P 1178ish.  If you play this long, you do the same thing as yesterday, use a stop out if we break 1175 or days lows depending on how loose of a stop you want.  If your stop hits, its a sell - no questions asked, as with yesterday.

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