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.
Friday, August 5, 2011
1175 Broken, So Longs Will Throw in the Towel Here
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