Quick Or The Dead: Waiting for The Bounce
Warren Bevan | Dec 11, 2014 01:34AM ET
“Every strike brings me closer to the next home run.” ~Babe Ruth
A wild day to the downside that accelerated late in the day and changed the completion of this market.
We are quite oversold now but we can still move lower from here.
I raised a ton of cash today booking some good gains and a few smaller losses as well.
I’m pretty well all cash now once again but I do have some good setups ready for when we do bounce within a couple days.
It remains a tough market and doubly so if you sit through the declines that have not yet amounted to anything but still, it is hard to sit through them.
SPDR S&P 500 (ARCA:SPY) is bouncing between 204 and minor support at 203 now but more substantial support sits at 202 and 200.
Have to be very quick if you’re going to try to trade this and options are expensive as a result of the volatility making it a very dangerous affair.
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