Thursday, August 4, 2011

Stock Market Update

Panic is in the air. I am the first to tell you no bottom is near until we stop asking. On TV everyone is a bottom picker as I type. Falling wedge I mentioned yesterday has been broken. Caution and stops are prudent. There are no heroes left to stay at the gate of the fort to protect these possible bottoms. Let the market do what it wants, and follow it as best you can. I still think that long trade (just a trade) is here. But I thought that 20 SPX points ago as well. Market always does the expected in the most unexpected way.

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