10 day spy. You can see the support line in red... we have retraced 61.8 of the last move.
I'm not that optimistic about it not finding support at the 50% level....
If it does move to the upside, I'd say... we build a little dome top.....
Unless you want to play 1990.....
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
Friday, August 8, 2008
The hard market
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