Will We Hold It Wednesday – S&P 1,360 Edition

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Isn't this fun?  We've been having a good old time watching our levels get tested and, as you can see from our fabulous Big Chart – we spiked down to EXACTLY the lines we predicted on the Dow, NYSE and the Russell – all on the same day at the same time, almost to the penny – that's pretty good predicting! 

The Nasdaq and the S&P went below but came back above their 5% lines but it's the S&P we were focused on in yesterday's post when I said it would be "1,360 or Bust" and the S&P was not fooling any of us with that BS move back up in the afternoon.   As I said to Members in Chat at 3:24:  

Holy crap – S&P flying up to 1,360 in Futures – index is back to 1,362 as it gains 10 points since 2:15!   For perspective, yesterday the S&P was at 1,360 in the Futures at 10:30 and took until 1:30 to get to 1,370.  Oh, and did I mention that it then dropped to 1,345 this morning? 

Moral of the story – CASH IS KING – this is a very BS market and these moves are crap.  All that matters is whether or not they can establish a breaking up TREND that last more than 2 days – other than that, all this intra-day nonsense is just noise. 

PCLN was one of the short plays we cashed in as…

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