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Can’t Sustain

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The intraday DJI left a serious dent in my 13k ceiling yesterday, but still just doesn’t have enough equity buyers to turn my ceiling into a floor.

For the next few months, I’d call 12.5k a soft floor (like mud at the bottom of a swimming hole – one never really feels the bottom, just realizes it’s somewhere nearby when that 12.5k is passed). But frankly, I don’t yet see that floor holding past Labor Day. By Election Day, I think we’ll be happy if 12k would serve as reasonable target to climb back up to.

bumper sticker [] - calls & puts

Written by macheide

20 May 2008 at 7:19 pm

Posted in calls & puts


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