Last weekend I laid an unequivocal case for a sharp decline and sounded the alarm for 740 SPY. On Wednesday that looked questionable as the market rebounded very strongly from overnight weakness to post one of the largest one day gains of the year. Thursday was a complete and total panic to the downside. Support becomes a nebulous concept when price discovery is in the panic mode like this. No level of oversold is enough to step in front!

I refer to my programs a lot in these emails. These are my alert services where I send my trades to people who qualify. If you want to see if you can have y trades sent to you call now to speak with a strategist that knows my programs at 800-883-0524 or 737-292-4425

Declines like this offer huge rewards in short time frames for those few who get it right. But the reason for those huge rewards is how difficult the task is. I was short Monday in my most aggressive program, but I had to cover Tuesday when no follow through to the downside showed up. Wednesday an epic bear squeeze before Thursday downside debacle. Honestly I am at least content if not exactly happy to have negotiated the week undamaged! 

Going forward I will be treading carefully. For now flat is a position and one I am comfortable with.

Thanks,

Joe