S&P closed back at 1316 off the highs of 1328.49 for the day
today did nothing to change my mind that this market is unhealthy and heading lower....the real question is when? today gives me a bit more conviction that the path or least resistance is clearly down...this is exactly the action I spoke of the other day...big swings intraday will surely continue...don't get chopped up
Will consider stopping out of shorts if today's high of 1328.49 is taken out...but for the meantime, the wind is at my back with my short positions...and I'll let 'em run....think low 1200's is the next possible level on the next leg down...I will cover there for what will be a strong bounce up....
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