The S&P 200 closed below 4500 today. That brings the index to September 2010 levels. Ouch. What is going on? Is the market consolidating? Is it going into another bear market? Is it a result of unexpected natural disasters in Japan, Australia and other parts of the world?
What do you think? Whatever it is, trust me I’m worried. The market has not dropped below 4500 points in a long time. Some people think that there is a support line at 4500 and a resistance at 5000. If thats the case, well it just dropped below the support line and thats never good. Oh well, stick to our trading criteria and do our due diligence. We’ll probably learn more trading in a bear market anyway.
So how is your portfolio doing? Hopefully not as bad as mine lol. Next post on Sunday, probably... my first paper is on Monday, so we’ll see. Until the next post, take care!