S&P 500 - September 16, 2010 - Intraday

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!