Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
It is funny nowadays to see how technically oriented this market is. Once S&P 1394 broke we immediately saw a swan dive of some 5 S&P points in minutes. Both carbon based and silicon based life forms are watching the same things. Once a level breaks, the stops are tripped and woosh we go.
While tomorrow at 8:30 AM we will probably better know our short term fate (gap up or gap down), unless the S&P 500 recovers that 1393/1394 level by end of day we have the issue of being back in this range from April of low 1360s to low 1390s. Usually I’d say the close will give us more information but the close today will be negated or affirmed by the reaction to the employment data tomorrow premarket.
Disclosure Notice
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund’s holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog
