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"

Friday, May 23, 2008

SPY by the day

this is a 30% retrace so far... I still sort of stick to my guns that this is just a 4th wave sell off.

2 comments:

Tony said...

$138.20 support is shattered. TK is still looking for relief rally... and as much as respect his judgment, I just don't see it coming.

Where is the next support? If this is a wave 4, does is end at $132?

Eric said...

if this is wave 4 this needs to end.
There is a ton of support from 137.5 through 136...

and support through 133.

this market will have a hard time working through those levels.

I think today is just the market wants to be on vacation..

and you know what... we are going to get a short covering rally in everything through the close...IMO

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