Wang’s Happy Trading

Another volatile day, VIX was up almost 4 points, closing above 25! This morning, I posted this comment in Happy Trades!!:
>> Financials and Housing are weak, which is not good for the overall market. We may be retesting the bottom. 10:45am ET

The Dow closed down -281.42; SPX -39.14; Nasdaq -64.73. The market tested the bottoms a few times. And, finally broke down in the last 30 minutes. These broke through the support levels that we’ve been looking at (Dow 13200, SPX 1440, Nasdaq 2525).

But, do not panic! We’ve been making fewer trades recently and have been holding mostly cash since 7/24. Some attractive opportuites are starting to shape up, and we will continue to exercise both caution and patience until we get some clear directional signals.

I’ll be back tomorrow to look over things more closely and go over some charts.

Have a great weekend!
HappyTrading! ™