Well, IF “THEY” say so…lets not to point fingers (is not that favorite phrase of idiots who caused the problem on the first place? “Lets not point fingers, but try to find solution to the problem…we created”)
WOW… feels like good ‘ole times, but easy on emotions – here are few charts
Firstly - SPX weekly – support located around 1050-1150 area and TDST conveniently located at 1090 area.
Daily – hit W3 target (wave down), but I don’t think it is w3 – I prefer to think of it as of wC of wave up.
and unless it will print lowest of 21 bars – I am not closing my short position (yeah, I know, I could have made way more, but any money made is better than money lost.
Beside, wC might be printed as soon as tomorrow – just watch jobs report – fear of it was a part of today’s sell off.
UPDATE 8:30sh PM EST
Look at the market breadth – was at extremes today – normally bounce after.
Also, little used, but helpful sometimes – TDSetup Buy 8.
88 weeks moving avg – forgot where I saw that it is important, but works quite well long term. (yellow arrow)
important support? Blue arrow (blue line)
In short I am trying to convince myself to close entire short position for now – I have “some” SPY Sep11 128 long puts that I bought on July 9th around $2 a piece – they closed $9.5 – will try to dump @$10 tomorrow morning or will put stop…but I never really trusted stops and back in May 2009 market proved me right by totally ignoring my stops and executing my orders where I would never ever touch them … mostly because I would be in the hospital with heart attack by then – which would be a good thing on a day of flash crash…Dave – stop looking back!!!
