Stop right there. Don’t make any fast moves…(faster than a millisecond)…

Posted on Sep 20, 2012 by in Letters

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p97142210271&a=214966864

While the world waits breathlessly for the inevitable "correction" it's worth figuring out where stops should be prudently set.  We think the likelihood of a seriously painful downwave are between none and zero.  But the odds of a minor 5% downwave are pretty high.  Knowing what to do before the shooting starts leaves you sitting in the catbird seat as opposed to investors who watch the avalanche start and wind up frozen.

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