S&P500 Blahs Part 2

Posted on Di 14 August 2007 in misc • 1 min read

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Well it looks like we got a test and a close below 1433 on the S&P500.  My model didn’t issue any BUY signals today and most likely it won’t as volatility is growing like a football player on steroids.  

I’m a bit worried if market action follows through to the downside tomorrow as the next stop on this downward move will likely be a test of the February low of 1399.

Any close below that level could spell a major correction to some unknown level and lots of panic everywhere.  I’ll be a buyer then but in the meantime I'm sitting tight.