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Archive for December 1st, 2008

Apocalypse Now

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It smells like….victory.  Ok, enough of the bad “Apocalypse Now” jokes.  Market did what I expected today, so that was good.  Made some money via Big Bamboo (product of the brilliant Woodshedder).   The SPY has now retraced 50% of the move from last week.  This looks like a critical juncture to me.

spy-retrace

I was expecting there to be a retracement of some short that would lead to a possible entry point on the long side, but once again the market showed that it does not like the long side.  To retrace 50% of a move in a single day is not a good sign.  So, I watch the trendlines and will react based on what Mr. Market gives me (or what some of my systems give me).  I’m not an Elliot Wave guy, but I use the level of the retracements to give me an idea of where we are.

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