Basically, today's price action confirms wave 4 over and we are entering wave 5 down. The lower opening of today though might bring a little counterwave and we might trade up to 1000 SPX and 1400 NDX but those are good levels to sell if reached anyway. The VIX confirms as well and the fact the the FED used the "recession" word officially seems to spook the market - that's a bit strange, since who would doubt that? I'll explain that in a blog later today. Sell rallies for the time being keep the game to play also from a risk management approach lighten up on stocks here - bottoms are not made with all the talking heads calling it - at a real low, you will find barely anyone calling it.
Wednesday, October 15, 2008
SPX technical update -assumption of wave 5 down confirmed
Basically, today's price action confirms wave 4 over and we are entering wave 5 down. The lower opening of today though might bring a little counterwave and we might trade up to 1000 SPX and 1400 NDX but those are good levels to sell if reached anyway. The VIX confirms as well and the fact the the FED used the "recession" word officially seems to spook the market - that's a bit strange, since who would doubt that? I'll explain that in a blog later today. Sell rallies for the time being keep the game to play also from a risk management approach lighten up on stocks here - bottoms are not made with all the talking heads calling it - at a real low, you will find barely anyone calling it.
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