Friday, August 29, 2008
I just sold my 200% long position at 1286 a few minutes ago. The market has dropped below 1286 as I write this on relatively high volume after trading sideways above that level for about an hour. I don't like this action because it makes yesterday look like a false breakout above the previous high at 1294 made on August 22. I'll take another look at things early Tuesday, but I am beginning to suspect that the move to 1250 I had been expecting a few days ago has begun. However, for the moment I have no position and no firm conviction about likely direction for the next few days.