SPX: With the yesterday sell off of the broad market, the Bulls have been knock out by the Bears. SPX closed the day at 1314.66 just an inch above the support level 1312.70.
The Bulls may hope to find supports from value and bargain hunters which could refrain the market from further falling.
Disclosure: I closed almost all my long positions early and did some successful short sells, however because I gave not much credits to the Bears (mistake!) therefore I did buy to cover too early so that got rather thin profits. But my big mistake was not that early buy to cover, it was to open long again too early. All my long positions opened yesterday suffered losses. I must keep this as a big lesson “I must try to understand the reason of any sudden movement of the market” and “Be objective not subjective” and definitely many more in the future.
June 01, 2011: Value and bargain hunters may refrain market from further falling.
stockmarketwinner 