There is very little of room to go up. Bottom of channel is about 1085 so go long looks too dangerous to me. I will wait for pullback bellow 1100 (it must be not today)
I fought my way out of it. Averaged down - and made money! I probably shouldn't have wrote my previous post, because i dont wish to derail the thread. I've been short during rallies and got wiped out a number of times in my earlier days. I've been long during crashes and i've been able to work my way out of it every time. Nice sharp bounces. Market is geared to go up over time. Its a fact. I can guarantee that one day, we will see 20,000 DOW for example. Anyway. lets not get into for now. Have a good trading day
If consumer confidence number comes out good, I will be convinced that these numbers are cooked to $#it to fit the market.