Today was a pretty choppy day in the market which ended with another sell off at the end of day. The S&P is currently trading at/near the Flash Crash lows of May 6th. The S&P currently has to hold the Feb 2010 lows of approx 1055. If by chance the market continues to fall, we could see a low of approx 960 on the S&P which is marked by the lower blue line of the S&P weekly chart below.
S&P Daily Chart
Weekly Chart
Today I was able to pull a profit of $92 bucks which is not so bad considering all the red. Traded $VXX, $HGSI and BP puts for profit and $STSA for a small loss. I was in and out for a few cents each trade and very, very small positions.
In my opinion, we will probably see further downside before we get any real bounce in the market.
BT
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