But the last time someone was always there for bail
When will we fall down
--Toad the Wet Sprocket
Recent support gave way in decisive fashion yesterday with the SPX down 40 handles. Big volume too.
Today's early bounce off the multi-month uptrend line seems intuitive. Not sure today's early green is in Hoofy's best interest, though. If the intraday action reverses, then things could get dicey as more bulls rush toward the exits.
The 200 day moving average is below at 1710ish. The SPX has not been below its 200 day since November 2012.
position in SPX
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By three methods we may learn wisdom: First, by reflection, which is noblest; Second, by imitation, which is easiest; and third by experience, which is the bitterest.
~Confucius
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