Well so much for 1245 as support.
Actually a one day breach does not have to be a death blow. I think most technicians would say it was not violated if it closed above the figure tomorrow and did not breach it again.
I have low expectations, though, that we take it back tomorrow or the next day.
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Christ almighty that was ugly - surprisingly i've lost more on other days than today - what kind of PPI and CPI is the market expecting? At this point i feel like 0.2% core PPI and a 0.3% CPI is factored in. Who the heck is deciding to sell after 6+ down days?
Roger - you a buyer here soon? no matter the cpi or ppi i think come thursday things should be a lot clearer (or at least the market will think it is).
my thought for the year is SPX 1180-1219. That belief combined with how long it has been since there has been a 10% correction leads me to not want to buy in a meaningful way.
If I buy anything i think it would be more preferreds and other income products.
I should say I don't have much hope of catching a bottom. If we crash 20% in one day I am a buyer however.
I am trying to calm myself down right now. Slow deep breaths ...
I think everything depends upon tomorrow's CPI release. If we get a soft number, the equities will run for making new highs. If, however, we get a not so soft number, look out.
David,
I don't get that kind of feel for this data point but if you are correct, the possible lift plays into Bill McLaren's point about a crash unless it makes a new high.
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