There was nothing much going on in the market today. We had a mildly ranging day with a low of 1262.18. If that low is breached, then we should see some action to the down side. Arguably, the S&P 500 Index could be tracing out a descending triangle pattern since Thursday's high of 1278. The support level for the pattern would be 1262. We'll just have to see what happens. In the past when I have been bored by market action, things picked up within a day or two. Maybe, we will see something more definitive tomorrow.
Did you know that over 90% of the gains in 2010 were made on just 12 trading days? I think that is a fascinating statistic. It pays to be positioned long at the end of the month. Maybe, that's why August 25, 2010 was such a great entry point.
Have a good evening!
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