Action like today puts into question what the effect of the European slowdown will really be. I am not so sanguine to say that Europe will have minimal effects on the US. The US economy is very fragile and even a blow to just a few countries in Europe could carry over to the US and slow down growth.
As for BP, its not a factor for me. It affects consumer sentiment, but I believe that's just temporary.
I am glad we got over the 200 day moving average and that will hopefully clear out a lot of shorts in the market. That makes me eager to get short.
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2 comments:
thanks for the blog! do you have a target price in mind or a specific indicator?
Around 1115 on the ES September contract, or 1120 on SPX. I don't think we're going up much from here.
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