We couldn’t have picked a better week to go on a cruise.
Since our Trading Model started to flash “Everyone out of the pool!” back on July 3, when the S&P was up at 2,076.78, we’ve been waiting to see whether a couple of key support levels would hold.
This morning, with the S&P at 1,921.22, the market is down about 7 1/2 percent, but we’d actually like to see a bit more of a decline before we move into a likely rally period. To be sure there are many market “experts” who think we are crashing and to that end, we should all be in the fallout shelters already.
My view is a lot more pragmatic than that, so let’s hop to it. As Front wrote “…and miles to go before I sleep…”