Common sense from the chart…

Posted on Sep 24, 2015 by in Letters

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=0&mn=6&dy=0&id=p38955316076&a=266398464

It seems to us that the SPX (and thus the market) is headed for a retest of the September low.  There may be a day or so of upside, but the market will hang fire until the low is tested.  So we are going to hedge our positions and wait to see what the market does to cause pain and consternation here.

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