There will be a lot of sellers hitting bids (including me on calls I was buying all day) this morning so it will be interesting if we can wipe out the early, big index gains and create some real fear.
Odds are a good bounce is at hand finally.
If we go negative on the day, you could get a great giveup and washout that would lead to a more sustainable rally next week.
Monday is an off day and today is options expiration so it could get wild. It’s gorgeous outside in new York so time to walk the streets and think for a few hours as well. I have been writing in the Appple stores at every chance I get and they are still jam packed. The consumer is tapped, but not of it’s excitement about Apple stores and products.
Trader Mike is the place I go on days of real weakness to check some charts and indicators I use to fade occasionally . We are QUICKLY back to some early 2006 prices in the US markets. Two years in index gains – Vanished.
It’s going to be an easy few months for me because I can’t imagine getting 100 percent long for the forseeable future, unless it’s for a few hours on a trade. More time for deals baby.
Check out Julie’s first Wallstrip interview today .
12,600 – 12,800 is resistance to the upside- don’t see it getting through that area, IMO.
In times like this, playing a good defense is probably your best offense.
Live to play another day …
I think I will just watch Julie…was she interviewing somebody?…I didn’t notice
I feel the bounce coming…not that that means much.
I think we’ll see 12,500, before we see 11,500.
Julie is pretty smooth. She’s got talent.
First day give her and A+…albeit do like the Lindsey.
Trader Mike is actually lame.
I discovered Rob Wallaston at http://www.WallastonInvestments.com
and this guy seems to know the markets very well, seems fun and makes it very easy to read.