Wednesday, January 9, 2008
S&P 500 Chart Santa Screwed Me
No Santa rally, what a bummer.The market is back to where it was when Bush got sworn in to defend the Constitution. 7 years=0% gain for the S&P 500. Now I had to stop myself out of my position in the index as the Two Headed Monster Broke It's Neck. The spring coiled and broke to the downside. It was easy, my line in the sand was crossed so I axed a trade I've been building for years. No looking back. The WARNING SIGNS showed up back in June of 2007. I'm sure that I'm now flat the market we'll get a good bounce, so I'll probably play that bounce when the time comes. I didn't get in at the very bottom and I didn't get out at the very top, but I took a big chunk out of the ride up. Now let's look at where this thing might be headed. After looking at the DAILY, WEEKLY, and MONTHLY chart my target would be the 1230 to 1270 area. Let me take a guess and call a bottom at 1261.30.... That's how I see it for now, I'm sure things will change that will make me look like a fool. But for now the line in the sand is broken and I'm looking to for a way to make some easy money pushing these buttons on the keyboard.
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