On July 27th, the “Power of the Pattern” suggested that a storm was on the horizon and that investors should get out of its path, by reducing risk exposure. (See post here)
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The S&P 500 is nearing mid-term channel support, around the 1,090-1,100 range at (2) above. The key question right now? Is this the eye of the storm or is it behind investors? So far this storm, in hurricane terms has been a CAT 1….If support breaks at (2), the back side of the storm is yet to come.
Officials are suggesting people respect what hurricane Irene could do…respect what damage could happen if support at (2) is broken as well!
Mark….For “sprinter investors/shorter term and nimble/premium member”….yes we are long at this time, due to the 50/50 post
Thanks for the long-term view! One question: are you still ‘long’ in the S&P 500? You commented that you were long just 2 days ago (TLT Rocking Chair post).