The S&P 500 as you are now aware, was up 3% off the back of almost a 50% retracement from the recent highs. Today�s rally was more of a combination of hope and being oversold. As we have been telling both our Forbes readers and members, raise cash in the 1250 to 1275 region. When the market was trading at 1260, we were looking for an entry at 1188, but have refrained from getting long at that level. We would be a seller at 1214 if we were lucky enough to get there, don�t be sucked into this market at these levels.
Look for some good pairs in sector ETF�s, one that has been our favorite and working for almost two years is long XLK and Short XLF.
- For more details here is our S&P 500 news Letter. You can sign up for FREE S&P.
- For our new Automated Charting service, visit www.chartlabpro.com
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