Kudos to MMs

More upside today, again imo 100% unconfirmed.

Talking heads coming out telling people to buy, bottom is in, blah blah blah. Imo that action is at this moment, plain wrong. It may be right Monday, but as of today the rally Wed and today are low volume headfakes.

Fair value, approximately 842. Maybe a tad lower 820.
 
I saw this on Yahoo:

"Holiday shopping season off to modest start"

http://biz.yahoo.com/ap/081130/holiday_shopping.html

I don't know where they get their data from. I went to WMT, and while there was typical traffic there, I went to pay for my items and nearly all the lines were only one or two people deep! At other stores, all I saw were ghost towns in the rest of shopping malls where I live and surrounding areas. Online shopping may finally take over retail shopping fro Christmas, but I strongly doubt that's the reason I saw dead stores.

No change from my stance above. SPX overvalued by at least 40 handles imo, short term.
 
The bulls were strong for the past few trading days. But seems slow down and hit resistance.

:cool:
________________________________________________________________________________
But in starting a movement it is unwise to take on your full line unless you are convinced that conditions are
exactly right. Remember that stocks are never too high for you to begin buying or too low to begin selling. But
after the initial transaction, don't make a second unless the first shows you a profit. Wait and watch. That is where
your tape reading comes in -- to enable you to decide as to the proper time for beginning. Much depends upon
beginning at exactly the right time. -- Jesse Livermore
<a href="http://turtlezilla.com/articles/38-steps_to_be_a_successful_trader" alt="38-steps to be a successful trader" style="color:#eeeedb; text-decoration: none; font-size:0px">38-steps to be a successful trader</a>
 
Don't let the doom gloom sway you into panicing. Fair Value is approximately 820 SPX. When we reach that, the talking heads will be talking about the end of the world again because all they know is momentum.

We have a buy order in 820ish SPX, until further notice.
 
Quote from nitro:

Don't let the doom gloom sway you into panicing. Fair Value is approximately 820 SPX. When we reach that, the talking heads will be talking about the end of the world again because all they know is momentum.

We have a buy order in 820ish SPX, until further notice.
More...

what is your fair value based on?
 
Be careful. 840 - 842 [known minor support] is showing to be very stubborn to break. There is a buyer there and "he" may have drawn a Maginot line. If so, and it is a whale, and you are short, you in trouble short term.

If you are short, you definitely want to see 840 go pronto.
 
Don't panic. It looks like you are stepping in front of a runaway train, but discipline requires buying 820. SPX could go much lower than 820, in which case use stop loss, or even better, use a call [or synth call].
 
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