Iq,
With the SOX currently at 262 and the Coomposite up nearly 22 at 1810, your support scenario looks solid for today. When you refer to 1092 and 1102 on the S&P, are you referring to the cash or futures?
You have nailed the real reason why I appreciate your posts so much. In order to keep our heads about us in the midst of an apparent maelstrom, we need to transcend the noise. In order to that, you need to see the big picture. In that respect Iq, yu da man.
I do get concerned, however, about all the program trading which has on a short term basis moved prices so violently, effectively rendering
most short term indicators useless. Let's face it, the Goldmans of the world have some real power. They can't skew markets indefinitely, but the price movements they precipitate can manipulate psychology in the markets over the short term. Your tendency to use very little TA is looking wiser to me by the day.
Again, thanks much for imparting your considerable knowledge of interconnectivity between the markets and the rest of the world. Best regards.
Franco |
