Friday, March 13, 2009

Out of the market

Got frisky and sold off AXYS (talked about yesterday here) at 40.xx, for a 10%+ish gain in 2 days. I think we will re-test the S&P 741 support today. Will it hold, will it break who knows?? Russian roulette .

Just to keep things in perspective here are the major support/resistances of the S&P in this bear market:
  • 660: the low of the year,
  • 741: 20 day moving average (right where we are now)
  • 800: 50 day moving average
Well we also have a 1000+ number as the 200 day moving average for the S&P, but right now this is not even worth talking about.

Disclaimer: 100% cash, no positions in trading account

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