With SPY the 38.2 fib retrace from the run dating back to 2011 is at roughly $178.52, and we dropped to $181.74'ish. It's not a huge miss, but it doesn't make a rock solid bottom either. Likewise, last week it didn't quite retest the the 61.8 Fib from the recent correction at roughly $201.09. It's messy. Bottom line is I think the world markets are still on shaky ground and the bias is to the downside until it's not. The first 24-48 hours will confirm one way or the other. For the other reasons see my post from earlier in the week (pasted below).
Re: ced70 Post# 263600
I'm going off the fact that QQQ stopped EXACTLY at the 61.8 Fib from the recent drop on the weekly. I believe the direction is down next week (hard for me to say this after the last 6 years). I am legging in because I don't know what will happen and want to be cautious. Short answer, I am holding less and less overnight until the market picks a direction. I like to carry a light ledger overnight so I can sleep better. I will keep the Puts, if nothing else, as a hedge so I can swing away on Calls for upside day trades should we get the pops.
Replies:
II hear ya and agree, I think SPY
jimmybob on 8/28/2015 7:47:19 AM
what strike for next week on Q's
ced70 on 8/28/2015 8:01:46 AM
Do you believe that we will sell off
ced70 on 8/28/2015 8:08:58 AM
Report TOS
News 
Market Data 
Discover 
