Yesterday was dreary and they took these markets right back to the support levels that have to hold or I'm afraid the selling could get worse. Seemingly realizing that, the early futures point higher despite further draining in the chips. I rode the SOX down until last night and finally dumped the position taking a pretty good loss on that trade. After hours it just got worse and this morning they look mighty heavy as well. Until the SOX gives us a green trade, don't expect a whole lot out of this market. I'll be keying on them as part of the what's coming thought along with the Russell. The hot money is cold right now and if they want to lift now that they have shaken out those who have wanted to be bullish, those sectors have to lift as well and attract some buying.
A break of 1180 SPX isn't the end but I would get pretty nervous were it to happen. I'm about 55% in long positions overnight taking that SPY long exposure at the end of the trade yesterday. I would have to start lightening up if it appears we are breaking down farther and would have to consider some short exposure again.
A break of 1180 SPX isn't the end but I would get pretty nervous were it to happen. I'm about 55% in long positions overnight taking that SPY long exposure at the end of the trade yesterday. I would have to start lightening up if it appears we are breaking down farther and would have to consider some short exposure again.
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