Wednesday, July 27, 2011

Caution, Shorts!

I want to emphasize the importance of caution in times like these. It is both wise and safe to trail your stops down. There is no one way street in this market. It will bounce to punish complacent ones, johnny-come-latelys, and those who just have no idea what this game is all about. Be smart, we have sold off 4% from 7/22 high. If we get a hint of a deal - we rally. Shorts will cover and longs will initiate. Play the game, learn the rules, trade both sides, and be safe. SPX 1295 is the line in the sand, IMHO.

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