Very crazy day today, almost as if the bulls finally awoke to what everyone has seemingly known for quite some time now – and that is the economy is in shambles, nothing has changed for years now – despite the stimulus bills totaling trillions (total waste), empty political promises of a better tomorrow and a Fed that has kept rates at record lows for a couple of years now, we are still no better off. Now that I’ve gotten that off my chest, lets see what the market is trying to tell us. Obviously, last night it had a major change of heart, and has broken through some major support levels without hesitation along with breaking the trendline established back on July 1st .
Right now, I am watching 1080 on the S&P. If that breaks through, then once again, then I’ll be closing out my long positions – which in actuality could hapeen today, should the market continue the selling parade. In the meantime, I’ve taken some precautions in the form of hedging the portfolio. I’m down a little over 1%, which considering the market turmoil, could have been a lot worse I suppose.
