the market did a bit of a tanking yesterday early in the morning giving us quite a scare. the ball fondlers over at the S&P had the nerve to downgrade u.s. debt….like these jerks who rated subprime mortgages with AAA ratings would know how to rate debt. These are the jokers that let organic tilapia farmers in the middle of Mississippi who have no income buy beach houses in miami. overall the market did reverse a bit late in the afternoon so yesterdays low will be our new support. even though we pierced through support at spx 1300 i did not get shaken out and dump positions. usually a quick morning breakdown is based on emotion and rarely sticks. But now we do have a line in the sand mark for where the market should not cross again or we have to raise cash.
look for 20,50dma for upside 1st targets. yesterdays lows as ur downside support.
stocks im watching
lot of the setups from yesterday like $aria and $gy are still in play