So we are now poorer as a nation in terms of retirement savings and have an additional $850 billion in debt to boot. Whomever decided our politicians were smart enough to vote on public economic policy needs a head check.
That aside.
My near term target for the S&P 500 is around 1060 - 1070. That may be tomorrow (on Monday). I am still short LEG, GCI, and UPS. I should have (but didn't) take on some leveraged risk with options on Friday. Chalk that up to being a young trader (not young in age, but young in experience).
I also added a chart of IYR (real estate) in my box of goodies a.k.a. my public StockCharts list (the link is in the "About Me" section). How far does real estate have left to go on the downside? Take a look, quite a ways. Roughly $41 - $42 is the target. I am not short IYR but I might be on a bounce unless it can violate the pattern. IYR includes a bunch of MREITS and commercial real estate (I believe).
Best of luck to everyone tomorrow. It is my opinion that some of the folks who seemed like raving lunatics just six months ago may have understated the problem we are facing.
2 comments:
covered everything except GCI and have a small SPY call position
covered GCI at $14.50
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