Wednesday, November 12, 2008

Support & The Pain of No Gain

Today's -5.2% sell off in the SPY during the day session and the -1.2% further move in the after-market subsequent to the Intel outlook leave us about a dollar above the October $83.50-$83.75 support level. So it's bear market inflexion point time again gang... will the third test lead to a major break-down, or catapult us back into the new year? I have a "side" bet on the latter, but am more than willing to reverse that trade on a dime.

Separately, I wasn't able to trade during today's session, and I have to admit that it's rough to be out of the game on a day like this. In that vein -- just for fun -- vote in the side bar poll to the right -- "What Hurts More?" And keep an eye on that Maginot line.

Never Investment Advice

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