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Rough Day for Equities

Friday, 12 November 2010 13:04

As I sit here at 1:05 on Friday afternoon, the day has gotten rather ugly with the S&P down 18 handles at 1193. There is a 20 day MA on the daily chart at this level which has held up as support so far and at this late point in the day may be the savior of this market and perhaps we bounce. On November 10th I wrote a short blog on AAPL and the bearish engulfing candle that has hurt this market before and today looks as though we could get some confirmation of that pattern. Love making those good calls.

We still have the FED backstop, but I hate to think that any one entity is above this market and I do believe that technicals trump all things in the market. This is the kind of day that could really hurt, I am done trading for the day as I have reached my small level of maximum pain that I reserve for Friday's. I tried to buy the dips, 'nuff said.

How the day plays is anyone's guess and what this does for next week, we don't know but understand that techincally this market looks poor, best support is 1177 if we get through this 20 day MA.

If you would like to discuss how my technical methodology can help you navigate through this market, please contact me.