| Printer Friendly
As I write this at 4:45am on Thursday morning, S&P futures are trading almost 1% lower. This is after losing almost 1% yesterday.
Two straight down days? PANIC!
I kid, of course. But the Nikkei was down over 7% last night. An early survey of Twitter and the headlines seems to reveal relatively little concern.
This has been such a strange year. The market really has gone straight up without taking a breath. I counted just one occasion all year where the S&P closed lower 3 days straight and it was back in March and it was where the market crashed from 1563 all the way down to 1548. It’s not worth devoting too much time on today, but quickly: if this is indeed a correction with some oomph, there’s a little bit of supporting in the 1595-1600 area and then great support down in the 1560s. That’s about 6% off the high of the year, and the market’s usually good for a few dips like that per year.
I remain more interested in the longer term outlook, however. Today we’re going to look at things in a different way. It may sound crazy at first.
We’re also going to take a look at crude oil and I’ll share with you a really simple, really effective little strategy for how to trade around it.