Well what a nice week if you have been shorting the markets, been lots of profits to make here. Remember always to take some profits off the table , I did that, but I am still heavy short since 1125-1130 and think we are only in the beginning of a huge move down.
I see NO reason to buy this markets, only if you are a scalper or daytrader you can make money going long, but holding long for a swing trade is death. Im stil very bearish and think we move a lot lower next week as we have GDP numbers comming out and house numbers. On monday we have no economic data , so that MIGHT be the only green day , if we are able to get green, but thats just another shorting opportunity. If we get a green monday they may take us to 1080 SPX. Im still holding major shorts and wont cover the major ones before we are below 1000 SPX which I can see very soon, early September.
Weekly charts looks very bearish too and looks like we are heading way down. The big support we get IF we break 1000 in SPX is near 875-950 area, so watch that.
Have a nice weekend
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