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Strategies & Market Trends : CFZ E-Wiggle Workspace -- Ignore unavailable to you. Want to Upgrade?

To: skinowski who wrote (7697)	7/15/2008 12:40:55 PM
From: skinowski	Read Replies (3) \| Respond to of 41469

OK.... Took some off the table on the last spike - to pay for my trouble (g). The balance of the position - stops under SPY 122, 121 and 120. This should bring it to an approximately breakeven situation. Will adjust stops later in the day - maybe - if I'm not stopped out. Interesting day, to say the least. We still don't know whether this is just a silly little bounce, or an Intermediate Term reversal, or (still) 4 of 3 bounce, or - quite likely - Wave 4 bounce counting since May (my favorite). This would imply that we would test the lows - and probably make new lows - later this summer. But I don't think there is anyone out there who would be able to predict any of this with any degree of confidence - and the charts allow any and all of those scenarios. Therefore - we must use the wonderful invention called "stops".