Not much to say today dear readers. Another down day and its keeps getting uglier. The charts of most of the momentum plays look like a mess. Even if the markets do bounce here, I see just too many resistance levels right up ahead. As I have stated many before in this blog, it was the problems of the Euro nations that got us down here and I don't see a solid recovery happening without a solution to those problem coming up. Do you see a solution dear readers? I don't. We might get a lot of oversold bounces along the way but until all the mess gets sorted out, these bounces are just excellent shorting opportunities. I just hope that all of you out there learned from what happened in 2008, specially those of you nearing retirement. The days of buy and hold are long over and we will perhaps never see those days again. This raises some important questions. Are index funds really the way to go? But more on that another day. I will leave you readers with a chart showing the immediate support and resistance levels on the S&P.
Take care and good luck!