Monday, August 24, 2009

Step aside and let this bear walk through

(Shortin' and snortin' since S&P 1015, position won't be done until S&P 1120 if we get there. The best trade is the one where you wish after the fact that you would have put more down. -AM)

Jeff Cooper:

Interestingly the last move down into the low in March after the first attempt at a turn up on March 4th was 57 S&P points.

From what looked like the first attempt to turn down last Monday, a similar 57 point move off the 978 is 1035/1036 S&P.

In my experience these first 'octaves' in price often prove to be notes worth watching.

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