Can things get anymore precarious than this?
I had gone into today thinking to myself that the S&P had to hold 779 or we could fall off a precipice. It closed at 778.94. Was that some kind of sick climbing dude joke, or what?
In addition, The Mighty Dow had to hold 7440, which it did, closing at 7466.
So, here we go into a Friday, hanging right on the precipice of another potentially big sell-off. At this juncture, the bulls need a miracle in order to avert additional sorrow.
On a more personal note, thankfully, my hedges are working. My global macro trading account using ETFs was up 2.8% today thanks to some magic performed by SRS and SKF. Although I took profits in both, I’m still retaining half the original positions, with cost bases of $74.01 and $165.98, respectively. We shall see how the overnight news develops and what the opening is like tomorrow before deciding on whether to sell them or add more.
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