I honestly thought we could have a rally today due to option expiration. However, the strength at the open was quickly sold off– nobody is buying. Just think of 741 as a magnet, because that’s where we’re headed.
We still have 40 points to go on the S&P.
It is highly unlikely that we will bounce here. The November Lows must be touched in some sort of way to create a tradable bounce, and I’m starting to qestion if that level will even hold.
The Government has been out of bullets for some time now, they’re officially shooting blanks. I’m starting to think the only way out of this mess is a full blown collapse.
I have done very little this week. My cash position is near 80%, and will remain that way probably until I get back from my trip.
When in doubt as to what to do, just short GS, it is a small piece of garbage– as my friend Danny would say. Also, take a look at FSLR, it is breaking down below the $130 level.
Note: The PPT is coming soon & it will own. Look for our final trailer to hit the Tube sometime late tonight or Thursday evening. Also, look for an iBC regular to take over my tab next week while I’m out.
S&P 500 6mo Chart
FSLR in trouble:
[youtube:http://www.youtube.com/watch?v=xTQcYRTmRwM 450 300]
Comments »Check this out, Red Alert: FX Dislocation In Progress
Take a look at the two charts below, I wish I was short the Euro:
EUO: PROSHS ULTRASHT EURO (NYSE)
BTFD Special
FXE: CurrencyShares Euro Trust (NYSE)
Poll Results:
| Do we see new lows this week? [194 votes total] | |
| Yes – New lows (117) | |
| No – We are near a bottom (77) | |
