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.
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Steve
ReplyDeleteI 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
Wall Street movie released 12/11/87. Black Monday was 12/19/87. Pretty darn close.
ReplyDeleteMarianne
Steve
ReplyDeleteSML just completed its C wave.
Jack C