Primary target within range

Another decline for the equity markets, and we're now just 2-3% from the original primary target of sp'1345. On the bigger monthly charts, we're starting to see some confirmation of last months provisional warning of trouble.


sp'weekly, rainbow

sp'monthly, rainbow

Summary

So...it does look likely my original target will be hit.

*with the recent declines, the lower bollinger on the weekly charts is now down to 1340, so I would merely keep in mind a slightly broader target zone of 1350/40.


An overly patient bear?

I exited early this morning with a moderate gain, (after that annoying 6pt bounce quickly faded to nothing), and it is somewhat frustrating to have seen the market just keep on falling across the day...all the way into the close.

I now merely look to re-short on the next bounce, whenever that might be. Hopefully, something in the 1385/95 range, that would suffice for an exit early next week on the next big down day.

Its been an interesting week so far. I'm sure Friday will be no different. I will indeed hope the bulls manage some sort of mini-rally, I want some cheaper index option puts :)

Goodnight from London