Thursday, March 25, 2010
SPX sell again ! - 3/26/2010
SPX flipped back to a sell at the close today. This whipsaw between sell-buy-sell typically occurs at key reversal areas. That leads me to beleive that this sell signal will run deeper than most think. My strategy here would be to start scaling into shorts from this level and add on any bounces, with a stop at SPX 1181. A move above 1181 will put us back on a buy signal.
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1 comment:
The indications I run on suggest more down side, but not much time, so shorting is a little like too late.
The ingredients for chaos are coming together: Failed Treasury auctions:refusal to buy crap, fear of the EU debacle, and a growing awareness that the economy is past the point it can be salvaged.
Nothing heavy, just the usual. Clearing long range shorts are in order, like puts.
Islander
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