another subprime victim, page-60

joalsa

I agree - SPX was close to entering it's resistance zone last night. I wasn't watching but had a contingent short placed that I was disappointed wasn't filled. The range for the night was smaller than it was for 6 or more sessions. SPX couldn't muster sufficient momentum to penetrate the selling which was anticipating resistance in the 1385 area (which is a significant Fib retracement for both the entire bull market and for the pullback from the 11/10/07 top.

SPX is kind of like XJO at present - neither is close enough to resistance or support for me to take a position. Time to be patient and let the market dictate whether it's a short-term long or a short.

regards

- HBG

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Trade the market you see - not the market you hope for!