...a bag over it's head!
Friday, May 21, 2010 at 07:36AM ...Ugly!!
Think we’ve covered all the bases this week and we’ll just leave a chart up with a trendline of importance in our view as it’s not only at plunge flash day intraday lows, but extends all the way back to late October to February to now. (#15 blue)
So, just like …( as we said about SPX 1100 before todays massacre )…It's really a question of when, not if!. If all the levels of SPX seemed glass fragile this month, who says SPX1100 won't be as well and we test flash plunge day lows!.” . It could be glass…
Yes, we can bounce from the trendline as we‘re down >7% for the week, but, if today’s mid-day reversal got you all geared up buying, you probably couldn’t believe the ugly ending to the day. We did and we were cheering for it!. Why? It’s like a bad tasting medicine, it will eventually cure you, Mr. Market. We noted recently, if you’re trading by what the Euro does, you’re behind the curve. Why would anyone chase today’s reversal off the Euro busting up and the same intervention speak from yesterday?. A 2 day rip of 4% for the Euro and a crashing market, what’s not clear?. Simply, we want a better reason to trade this market. As of tonight, we only see the same problems outlined in previous Journals.
