SPX reached an intermediate top yesterday at 918. It will not reach that level again for several months. I am very short from the 910 level.
Usually I place a trailing stop, but my stop is at 908 and I revise it depending upon my feelings of the day. I just feel this will break down somehow on Friday. Thats my gut feeling. Here is the ole chart that I have been using for a while.
Somehow I feel the trap door is going to open on that thin blue line and then the next point is the red or the thick blue. Hopefully, for the longs, there are no trap doors open on those levels as well. Over the weekend, I expect the administration to announce a bankruptcy of GM and then the indexes will fall and GM delisted from the Dow. Black Monday...
Slopeofhope is worthess. No one who reads that blog makes money following tim's advice. All he does is draw a bunch of lines on a distorted log chart. Just buy goog, ewz, ma. Go long, buy all the dips
Just tightened some more. Im placing a 5 handle trailing stop. The selling should accelerate into the close. The big daddy will come tomorrow and hopefully I wont be squeezed out of my position.