Thursday, June 2, 2011

Market On Edge

Tending toward the long slant on S&P 500, and bought long last night.   Lost a few points so far.   But the bad part is that the PRS 177 channel line appears to have lost support.

The move now to watch is a backtest of the PRS 177, which could immediately lead to a large down turn, well 2% to 3%.     As usual, day job getting in the way of watching during a potentially critical juncture.  

British Cable might be operating in this channel that I spied last night, but it is very broad, so not sure it is a "Good Channel", worth watching not worth speculating on.

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Insightful and Useful Comment!