Financial history doesn't repeat itself, but it often rhymes. You can't be stupid enough to trade off anything I say.... I'm lucky they let me out of the straight-jacket long enough to trade.

J. P. Morgan

"Sell down to your sleeping point"

Tuesday, January 8, 2008

Biggest correction in this move

Largest correction on the S&P has been 14 points roughly.
A retracement back to 76.4% of the weekly move since the new year is 1432.

A retracement from the last high to the recent low :

  • 76.4% is 1422(roughly)
  • 61.8% is 1428.5.
  • 50% is 1434

I say it fails at 1428.....I may be hedging.

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