1085 Broken, Computers Rush In

By IBTimes Staff Reporter | January 28 2010 12:55 PM

If you don't believe in the powers of technical analysis need I only show you the intraday chart. The line in the sand broke (1085) and a vertical plunge ensued with 5 S&P points lost in minutes (seconds?) as the computers did their thing.

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The gap near S&P 1070 is now firmly in play... direct stop or some tourist attractions first is the only question.

Our puts are exploding up in value, if 1080 breaks convincingly we'll most likely add more and look to sell some around 1070ish, but certainly more danger lies ahead if 1085 is not recaptured soon. As always the close is more important than the intraday action but so far, so ugly. For now we'll focus more on the short side, until/unless 1085 is regained,....

*If you plan to invest in my mutual fund this summer, please take cover with any funds headed my way ;)