Today is like Nov15 retracement back to the neckline of H&S was only approx. 38%. As soon as the gap down was below 663, buying was out of the question. It tried once to surpass 663 but was turned down immediately. Looks like the weekly H&S is in control now and a target of March low of last year of about 620ish. In addition, it is earning season next week. It is easier to short than to go long. Monday's numbers are 663, 658 and 651. A 5-min chart shows a H&S which says we will revisit 648 in the very near term.
2c
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I told you yesterday when AXP warned it was not good. AXP warnings is bad news since it was never priced in as their clients are high spenders. Then TIF warns.
I knew this was coming when I heard AXP warning. We are headed below 600 on OEX very soon. Should see 550s in a few weeks.
bigelam
wow, you are more aggressive than I am, anyway I am fully short. It is much easier than going long. Just wait for overbought situation and you hit it every time in a bear market.
good luck
2c
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