And the sell off continues, remember 2 weeks ago everyone said the correction was done after the SPX closed above its 200 SMA, hahaha, now thats hilarious. Wait till the SPX breaks 1000, more fun on the way. A bad jobs report and below 1000 we go this week.
This seems inevitable (after the fact!). Maybe we will finally break below S&P 1000 going into the long weekend, or perhaps next week. Then I can start rolling out the powder I have been keeping dry for just such an occasion. I was really getting very bored and tired of waiting. I'm thinking next stop 970ish. I'll be a little surprised if we go much lower than that. But I've been surprised before. My cynical side tells me to anticipate a nice, uncharacteristic Fall rally. By mid August to early September might still be in time for the election. I could have used more hedging still. Had I done that, I might have even been able to show a net profit on this slide. But I'm not complaining (yet anyway) because so far the damage has been minimal.
Yes. Indeed, Sell the rumor, buy the news. No matter what, Professor Market will always do its best to keep us guessing.
Yeah well 1023, and 980 are my targets. 1023 is bagged and tagged but my cycle is set for July 6th as a low so yes 980-1000 is the next stop. Ride the bus.....