canceled.2021.1
#AMERICAISDEAD
OK PoopSpin. You asked me to give you my further observations.
But, before I do, I should point out that my last observation was dead on balls accurate. I said that the market was overvalued and was due for a correction. I said that 1660 was a key support for the S&P and I was correct. If you notice that since price broke through 1660, it has not seen it again.
Now you will bleat over day to day fluctuations but as I have repeatedly told you, I follow trends not day to day moves. That is for day traders. I am not a day trader.
The next point for me to follow is 1600. That is now key support for the S&P 500. If it breaks through 1600 and closes there, then the down trend is in place and the next support level is 1536. I took a small short position yesterday right before BernanQE spoke. Interestingly enough, the market has sold off the past few times BernanQE has spoken. You make of it what you will. Also of interest is that no asset class was spared yesterday. Bonds took a hit, commodities took a hit and asian equities took a hit. If it breaks below 1600, I will take the other half of my short position. Could I be wrong? Fuck yeah. That is why I have 3% trailing stops in place.
But, I know that you will see this as a massive buying signal and back up your millions and load up the truck. Dollar cost average right puddin pop?
Now lets be clear so that you don't have any misunderstandings. I am not calling for a Crash. I am saying that there is a downtrend in place. All one has to do is look at the charts. Even a 3rd grader can read a chart. Don't believe me? Here look for yourself. Look at 1660 and see what has happened.
http://finance.yahoo.com/q/bc?s=^GSPC&t=3m&l=on&z=l&q=l&c=
BTW another little fun fact. Mortgage rates are back up over 4%. Hmmmmm
But, before I do, I should point out that my last observation was dead on balls accurate. I said that the market was overvalued and was due for a correction. I said that 1660 was a key support for the S&P and I was correct. If you notice that since price broke through 1660, it has not seen it again.
Now you will bleat over day to day fluctuations but as I have repeatedly told you, I follow trends not day to day moves. That is for day traders. I am not a day trader.
The next point for me to follow is 1600. That is now key support for the S&P 500. If it breaks through 1600 and closes there, then the down trend is in place and the next support level is 1536. I took a small short position yesterday right before BernanQE spoke. Interestingly enough, the market has sold off the past few times BernanQE has spoken. You make of it what you will. Also of interest is that no asset class was spared yesterday. Bonds took a hit, commodities took a hit and asian equities took a hit. If it breaks below 1600, I will take the other half of my short position. Could I be wrong? Fuck yeah. That is why I have 3% trailing stops in place.
But, I know that you will see this as a massive buying signal and back up your millions and load up the truck. Dollar cost average right puddin pop?
Now lets be clear so that you don't have any misunderstandings. I am not calling for a Crash. I am saying that there is a downtrend in place. All one has to do is look at the charts. Even a 3rd grader can read a chart. Don't believe me? Here look for yourself. Look at 1660 and see what has happened.
http://finance.yahoo.com/q/bc?s=^GSPC&t=3m&l=on&z=l&q=l&c=
BTW another little fun fact. Mortgage rates are back up over 4%. Hmmmmm
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