Today was spectacular. Just about every chart maintained embedded stochastics for the entire day. Since the portfolio was 50/50 short/long, and every short actually closed up for the day, I'm feeling pretty lucky that the portfolio was up 1.1% for the day. But the fact is that 6 of 10 picks went against, and today's swing was wide enough that some of the trades may be busted.
Unwilling to play the market in front of me, my trades today were mostly on the short side and they mostly did not work out. After finishing last week with a 93% win/loss, today I was 4 for 8, with several underwater shorts carried overnight.
S&P pivots for Tuesday are: R2 - 915; R1 - 861; P - 832; S1 - 798; S2 - 749. If we break the 20EMA to the upside (875ish), 915 seems plausible. Falling below that 832 area puts the bears back in command and the bottom is postponed until at least next year.
Joe
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