Of Bears and others
The triangle broke down to the downside. If your remember the video on 3/9/11 we talked about. After breaking down the market has run into lots of support at 50 day moving average as pointed out in the video. It has nowhere to go unless SPX breaks that 1300 level with brute force in another fresh wave of selling. Failing that SPX should bounce off it and go higher or try another day to break the 50 day again. The bears don’t give up so easily you know, they just want utter destruction of everyone and everything including YOUR trading account. Here is a chart of ES Emi S&P 500 Futures and you can see the break clearly..click on chart to enlarge.
All leading stocks in the market are hammered by short sellers. They are having a nice time enjoying few days sinking fortunes for others and howling like a pack of wild coyotes at midnight.
AAPL, GOOG, NFLX and the whole Tech sector has been pushed near or below its 50 day moving averages. That is OK. It will just make thing cheaper for the buyers who are waiting in the wings. This market correction was necessary since we have come up so long in an uptrend.
Our NFLX is recovering nicely though in the sea of red. Its getting close to 200 and if its over that it will go higher. Someone thought we needed some help there.
I am just keeping our powder dry and sitting on my hands for few days. I went outside its nice 76 deg and warm and nice…