SPX@1050..i added to my shorts from ~1000 level. Even granting bullish case, this is a good place for at least some retracement. Another thing i am watching is breakoout extension that is getting shorter each time..breakout from 950 had a nice extension...then from 1014--and then from 1036. So the "melt up" is losing steam..all patriotic/emotional reasons like 9/11, lehman anniversary are in the past. Lets have a nice 1- 1 1/2 mo of good sell off now..
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.