Breakdown
We were very close to breaking out yesterday, but the market couldn’t quite pull it together. This morning we get a nice slice right through the 50 day on the S&P as everyone sells ahead of the holiday.
I almost wish the market would shit the shower just to prove Dennis Kneale wrong. That guy is an embarrassment to CNBC, and should be fired immediately. What kind of mickey mouse operation are they running over there? I honestly don’t even tune in anymore.
As far the market, I am net long and don’t see myself doing much trading for the rest of the week. This kind of low volume holiday action can chop you to pieces. I have a few core positions that I intend to hold, and if I trade anything new, I will limit myself to intraday only.
Here’s a current look at the S&P 500:
I think the stocks are breaking down by the dozen. Check out RIMM.
In a week or 2, we will be in short everything mode. I am keeping my money under the mattress for now.
no doubt, there are short setups everywhere. Next week will be the tell.