Five days down. Woe, woe…

Posted on Sep 28, 2015 by in Letters

http://stockcharts.com/h-sc/ui?s=%24SPX&p=D&yr=1&mn=7&dy=0&id=p07596482712&a=408600621

We have pointed out that trading in the box here is most likley a vain enterprise.  It will be even vainer if price breaks this lower  line convincingly.

We started to add shorts, but then looked at the situation and bought instead, expecting a reaction to the 5-days down pattern.  So it's fifty-fifty now-- whether we will see a rally here or a test of the low.  We still expext more downside and are looking for a place to get short.

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