3 days of selling of less than one point per day
That is what SPX has averaged over the course of the last three days when it finished lower each day – less than one measily point. For the bears that has to be infuriating.
I don’t blame them – I would be too, if I were in their shoes.
Now the S&P 500 is looking to gap higher to new all-time highs this morning, because at this point, that is the only thing this market really knows how to do. Earnings have been fairly well received today, with Caterpillar (CAT) popping a cool 5% in the premarket. Meanwhile, despite the three day sell-off on SPX, the VIX has been down 9 of the last 12, and below the “10” mark for 8 straight days – an all-time record.
I came into the day with a little bit of short exposure – That was my insurance in case this market wanted to fall apart on us unexpectedly. I’m not bothered by this one bit, but have a dominant amount of long positions in the portfolio. If I get stopped out of it, that is fine, the long positions should more than make up for that. Meanwhile, I was managing the risk, and making sure I didn’t get caught by surprise from the market.
Stay safe out there today – always manage the risk, use today, to move up your stop-losses on your existing longs.
S&P 500 Technical Analysis
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