Index had a drop close to my level of 1118 but bounced from there.
Breadth has been weak and there is selling. Question is how deep a correction VS sideways.
I think the 1118 will be taken and that's OK, if I have a portion earmarked for it, it will go and some profit is booked.
I am the first to admit that I do not know how to pick tops and bottom with pin-point precision.
My intention is to come up with ways of getting on a move in a timeframe of my choice ad then let winning hands stay in the game until market forces them out.
I see no reason to raise my levels (see prior posts) as market is not advancing.
I also see no reason to drop my levels -- that would be tinkering with a strategy (say, lowering a stop) against the makeup of a position (say, a long position) -- I try not to do such things
Have a Nice Day!
S&P 500 – May 15, 2012 - Bottom Line: Long term trend is up. Mid-term trend is down. Short-term trend is down Weekly S&P stage is Late Advance (2-C) Daily S&P stage is Strong Decli...
1 year ago