Halloween is traditionally a good day for market however yesterday market was bad with Dow dropping more than 2.26%, Nasdaq down 1.93% and S&P500 drop 2.47%.
The beautiful breakout last week for the indices had came back down below its resistant level. However, might need to monitor for another day of confirmation. Seems like the bear are also coming back cautiously.
This maybe due to profit taking as well because the market had been up for quite a number of days and I was surprise it is today and not last Friday 28th Oct 2011. Market is still. Plague and it seems like what Conrad is saying about the 20 years recession cycle... I won't not take any large long position at this point of time but an option spread might be a good way to get some of the risk off the table with repair strategy.
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