Friday, September 24, 2010

9/24 11:45

What I term critical support is the last layer of support underlying the stock market and being the longest M/A produces the sharpest bounces off of it.  We have come down to it twice this week.  Only 10,580 will break it.  Market has topped here.  I am now short 2% DJ and 1% SP and 32% SDS.  Stop 1/4 SDS at SPX>1149.2. Stop 1/4 SDS at SPX>1150.2.  Stop  1/4 SDS at DJI 10881.  Stop 1% DJ at 10,802.  Stop 1% DJ futures at 10,818.

3 comments:

  1. Steve
    I heard the other day that the release of Wall Street movie in 1987 coincided with the crash of 87. Wall Street 2 movie is released today. Should be interesting in this overly correlated investing world we face.
    Charles

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  2. Wall Street movie released 12/11/87. Black Monday was 12/19/87. Pretty darn close.

    Marianne

    ReplyDelete
  3. Steve

    SML just completed its C wave.

    Jack C

    ReplyDelete