Wednesday Nov 21, 2011
Art Cashin pegged SPX 1185 as his line in the sand on CNBC. I see others are picking 1192. All the chart guys are saying if this level is broken the bottom falls out.
In pre market trading SPX is 1174. This would be a perfect set up for a repeat of the same thing 100 points lower October 3-4.
Once everyone got short on the new low, the market reversed leaving many in the crowd headed in the wrong direction. This may well happen again either today or even better yet, say over the next two or three days.
This is worth watching. A much better show than the football games tomorrow.....
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