The futures stayed above the 875 level is very good for the market but my patience with the market seems to be wearing thin. 875 is major support the S&P 500, so if we break that, we will probably fall to either 870 on "high end" or 825 on low end. The lowest possible range is 777 and I would say the chances of breaking 777 on the S&P is less than 10%.
I will refrain from buying and hope I catch some luck on GNK. I have about a 40% cash position but the big problem is that 3/4's of that is tied on option commitments. I need GNK to stay above $19 come next Friday, so we I hope it happens...if not, I will have boatloads of GNK.
As for my S&P target of 880, it has been met and I am standing by 1050+ by late summer/early Fall
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment