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Heading into the closing bell, the bulls are trying to salvage some type of positive that they can take away from the day. If we close above 1076-1077 on the S&P 500, then it will be somewhat of a reason for bulls to keep their chins up. Nonetheless, the bears owned this morning, and we will close soundly in the red. Today shows us that, once again, the market rarely offers up easy scenarios to both bulls and bears.
The 5 minute chart of the S&P, seen below, should illustrate how most of this afternoon was spent trying to scallop out a double bottom. Until we can move above 1080, the double bottom remains on shaky ground.
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They’re trying to goad me, trying to own me. But this isn’t a gunfight. It’s not about pride or ego. It’s only about money. I can leave now, even with Grama and KGB… and halfway to paying Petrovsky back. That’s the safe play. I told Worm you can’t lose what you don’t put in the middle. But you can’t win much either….
Hahah. I can always count on you for the Rounders quotes, my man.