Thursday, August 4, 2011

Did I Mention Fugly? Oh Yes, I Already Did...

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Ouch.



At this point if you are looking for some natural support areas the 1175ish area from Nov 2010 looks like a good spot. 

A bad unemployment number and gap down would be the 'best' thing tomorrow.  A gap up, I would not prefer.

Today was the first day, after being patient with this selloff, I would have tried a foray into the long side but I was stopped out within a few hours.  Any bad opening tomorrow would have me interested again.

So Ben Bernank's $600B of QE2 has been about halfway repelled in terms of 'wealth effect'.  Another great use of our money. :)

Boy oh boy, just by having the fund open and being 100% in cash the past few weeks, I would have been off to a roaring start versus the indexes.

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