The low overnight was 11,221. This is within 50 ticks of a perfect 50% retracement of the move. What move? The move that started LAST July 4th weekend, July 2010, where we posted a low at 9506. We rallied to a 3 year high just 2 months ago at 12,873. These are futures prices. A 50 % retracement was 11,183. Last night’s low at 11,221 was close enough for horse shoes.
If you check my old blogs, this is the level I was hoping to get long at.
Act accordingly.
Place your sell stops at a level where you are comfortable with the loss. Risk 150 pts to try to make at least 500 pts. Thats a 3:1 risk reward.
Unemployment dropped .1 percent to 9.1 from 9.2
Probably a non event. We need to be generateing 200 or 300K jobs a month. Not 117.
That is all.
CER