$SPX Uh-Oh

Discussion in 'Trading' started by michaelscott, Aug 3, 2007.

  1. Uh-oh. My cheerleading didnt help the index any. It didnt hold the 1450s, so now if it doesnt turn up Monday then we will probably get to at least 1390. Thats a grim reality if your long and a paradise if your short.

    The reality is that if it gets to 1390 then thats an 11% correction....something we havent seen in quite a while. I have a feeling that if it gets to 1390, then it wont stop there.

    If it doesnt turn back up Monday, then the $SPX is cooked and I feel it will wonder down from here into levels that will definately feel like gloom&doom for those who are not short. However, I still have some confidence, although, that confidence is slowly draining away.

    I congratulate all that are short, but feel for those who are long. Good luck to all.