I just covered short positions in SPY and QQQ in the conservative account, which is now heavily in cash along with junk bond bear SJB (will ya look at JNK and HYG tank). The spec account continues to hold its SDS, QID and SJB and a lot of cash against core gold stocks, which are of course getting hammered.
SPY is pretty cut and dry. Technically at least, the chart says the red resistance line should act as a barrier to any bull hopes, and the target measures down to 102 (1020 +/- on the SPX).
http://www.biiwii.blogspot.com
http://www.biiwii.com
SPY is pretty cut and dry. Technically at least, the chart says the red resistance line should act as a barrier to any bull hopes, and the target measures down to 102 (1020 +/- on the SPX).
http://www.biiwii.blogspot.com
http://www.biiwii.com
Does SPY close at 112.34 change your opinion? There is no resi when intervention is in play, unfortunately for those who like free markets.
ReplyDeleteYup Chump, a break of the resistance changes my opinion and I'll go short free. They are still nicely profitable and I want to let it breathe, but not beyond the red zone.
ReplyDeleteMarket really wants to get 1020 on SPX out of the way. That would be healthy for an intermediate variety rally. But how often do the meddlers let markets do what is healthy?