Today’s drop was gut-wrenching for the bulls. We have not seen this kind of drop for a while. The bears were in total domination throughout the day. As I have said a couple of times in the past few days, the market desperately needed a reaction. It was just waiting for a trigger. Here came the trigger today, the deteriorating fiscal health of a few European countries such as Portugal, Greece, and Spain.
Short term and mid term is somewhat bearish. The SP 500 has punched through the last low. See the chart below.
Click on the image to have a better view
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Like my yesterday’s short in GES(Guess?, Inc), the exit of my today’s short in ATI(Allegheny Technologies Incorporated) was not optimal either. As you could see from the chart below, I left quite some money on the table. I am not implying that I should try to catch the whole move. Nevertheless, I should have caught 2% around 40.69. One way to mitigate this problem is to scale out.
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Bears had their revenge today .
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