Like I said yesterday, I was going to ease back into the market and I was glad I didn’t just jump in head first. By 10am this morning, I was thinking what the hell, but I refused to turn on the news. I just went about my business, worked on getting my motorcycle back into shape after my cross country ride and then checked the markets again after the close. To my surprise, everything came rushing back to just short of even and one index actually did post gain. So with my mix of 30-G, 35-C, and 35-S, my TSP account only lost .04%. Looks like in the morning the market will continue to pop to the upside, so maybe my entry call will not look so bad. What I did think was cool is that the buyers came rushing back in right around the $1262 level and pushed the market back up to $1283. I told you last Friday that $1261 was important and to watch it closely and today proved it again. If we were to fall through $1261 and hold below, it would likely be a very bad sign for things to come. I’m also starting to see $1300 as a major upper resistance area and we really need to bust through and hold above this, in order to make any progress. Below is the 1 minute chart of the S&P500 and just look at that dive in the morning but then around 1262, the buyers come rushing back in and push the market back up.
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