Monday, August 17, 2009
Market Pullback [Mid-Day Update]
The Pullback is on! Key levels to watch on the S&P500 ($SPX) 945 the 50% retracement from July & the 50 day moving average; 925 is the 61.8% retracement & lower end of the channel and last 875 the July low & 200ma.
Note the spike in the Volatility Index ($VIX) as i pointed out earlier last week.
Those that follow my blog suggestions, should of taken some profits and hedged, eg ProShares Ultra Inverse S&P (SDS), suggested 8/13/08 @ $44.62 currently $47.50 (+6.5%) PO $53.
*click on charts to expand images