When I made my first stop today for fuel in the motorcycle and did a stock market check, it looked like this pivot low was going to be confirmed and maybe that $1345 breakout number was going to fall soon. When I got to the restaurant after the market closed, there was an entirely different story looking back at me. So when I got back to the hotel, I fired up the computer and my stock software and started to break it down.
Looks like by 11am the peak had been reached and the selling started. The selling didn’t stop until the closing bell. Ever index ended negative except the S&P 500 which squeezed out a .63 cent gain. At this time, 8pm, the futures is 4 points down which in itself doesn’t mean that tomorrow will be down, but it does confirm that the selling continued after the markets closed.
So, I’m almost 100% cash in my stock trading account and almost 100% safe in my retirement account. The only that I have hanging in bonds. I’m 30% bonds. What happen to bonds today was a little disturbing and if it is down again in the morning, I’m out. I thought all along that $111.07 was going to resistance and would not be broken and it looks like that is going to be true. Right now AGG closed at $110.71 and if we are down and approaching $110.63, I will punch out unless I miss the window because I cannot get an internet signal. As far as the rest of the indexes go, why jump in until they show us something?
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