S&P 700

Quote:

---

Originally Posted by etftalk

Note to self - This is the type of trade that I SHOULD NOT be making. Playing the long side here is very risky. The trend is down, the market is weak, and we could see an all out puking in stocks (capitulation), and this trade is nothing more than a gamble. Now stop it! :)

I am actually slightly in the green on this one, but here's where I pray asking the powers that be, if you get me out of this trade unscathed, I'll never do it again (but that would probably be a lie). :D

---

Hello-this is my first post. Don't want to sound inexperienced (but I am) but I hear talks about the S&P being above 700 is a "good sign". Did it matter if it closed at 699. Is this a sign of a quick bounce back?

Quote:

---

Originally Posted by Ryan

Hello-this is my first post. Don't want to sound inexperienced (but I am) but I hear talks about the S&P being above 700 is a "good sign". Did it matter if it closed at 699. Is this a sign of a quick bounce back?

---

Welcome Ryan! I'd say it's a temporary good sign. We could bounce off 700, but 741, the old November low that was support, should probably act as resistance on the way up.

If you are in the market, use a rally near 740 to sell, in my opinion. If you are looking to get short - same deal.

If this does turn out to be THE bottom, we will miss it, but then we'll just start to look for pullbacks to buy into.

Good luck!