Stopped Out Longs, Possible Shorts

Wednesday, November 19, 2008 | 04:30 PM

Dow is at 7997.28; S&P500 is at 806.58. Our cash position is back to 75%, we are still 25% long (including inverse funds). On this break, we could see (technically) a low of 681 on the SPX, Dow 7,100, and Nasdaq 1070. (There are deeper levels, but its too ugly to write now).

Last week, I was encouraged by the retest Thursday on lighter volume than Oct 10th -- but lacking a high volume follow through meant we could not become complacent.

~~~

continued here

Wednesday, November 19, 2008 | 04:30 PM | Permalink
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