PM update:
Once again, the euphoria dies down and we hit new lows. SPX is now testing the 1130 support area (second target below 1157). Keep in mind that this is also the day SPX options expire. Money is not going to bonds it is pouring into gold, now at 915 on the December contract. VIX is at 41.74, we are definitely approaching an area where bears might be pushing the envelope especially given the relatively modest Nasdaq ADVDEC, only down -304. I'm an SPX buyer above 1130.
Once again, the euphoria dies down and we hit new lows. SPX is now testing the 1130 support area (second target below 1157). Keep in mind that this is also the day SPX options expire. Money is not going to bonds it is pouring into gold, now at 915 on the December contract. VIX is at 41.74, we are definitely approaching an area where bears might be pushing the envelope especially given the relatively modest Nasdaq ADVDEC, only down -304. I'm an SPX buyer above 1130.
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on Thursday, September 18, 2008 at 9/18/2008 01:01:00 PM.
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