Like I said earlier today, no need to fight the rally. Staying long to 1208 and scaling out on the way there is prudent. This said, leaving a runner to see if 1208 possible breach takes on some serious stops and becomes a bigger run with help of new technical breakout longs to 1220-30 area, could be the ultimate reward.
After that, I think that big money is waiting to reload their shorts there @ 1220-30 area. Provided we get rejected there, we will start a new leg down. I still see a lower low on SPX, below 1101. That will become the low for 2011. Possible target is 1070.
No comments:
Post a Comment