Tuesday, August 5, 2008

Today's action

Short-term, you want to watch Dow 11.7, S&P 1290. A close above those levels would be very bullish.

S&P 1250 is key on the downside. It's the first higher low, a bull doesn't want to see it get breached. If it does, I'd expect a retest of the July 15th lows.

Got hit for 200 SDP today. Looking at the 10-day hourly, I eyeballed an entry of 62.55, never expected to get hit, but it did during some post-Fed weirdness.

I judge the target for the H&S by the XLU, which I see at about 30-31, Alternately, I eyeball the DJU at about 405.

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