WASHINGTON—After nearly four months of frank, honest, and open dialogue about the failing economy, a weary U.S. populace announced this week that it is once again ready to be lied to about the current state of the financial system.
The market is getting worn out selling into this support from the fed. Every potential sell of is being bought and the market turned. For two weeks we have been waiting for a break down through the support at 886-904 and it has grinded its way down here. When the news is worse the pundits are saying its the end, when there is a positive spin on bad economic news they say it is bad but not as bad as befor. Green shoots are grey, if they can be found at all and the unemployment in California is amazing. If Arnie closes us down, he will be the only acting with fiscal responsibility.
No Take Backs in the Market.
Understanding your exposure on the trade would have been helpful.
1. Always trade with a stop, this limits the risk you are willing to take to make a profit.
2. Always set at least a target or multiple targets. This is how a market maker plays, to make money and move on.
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