Had a great time at the wedding, along with a fantastic time exploring and relaxing on the honeymoon. This post was going to be much more involved with some pictures of the honeymoon, but I ran into some computer hurdles upon my return. I purchased the iPhone 4 on Sat, but the Mac I use for my iTunes needed an upgrade. (iTunes needs to go to the cloud!!) Originally, I planned on purchasing a new computer in September, but with the chatter about the new Mac Air and wedding expenses I decided to wait until I returned.
Long-story-short, I bought the Mac Air, gave the Genius' my old one so they can sync the old w/the new, and am left with no computer to upload my photos or sync my new iPhone. (I have an iPhone with none of my apps, and no contacts.) I feel so naked :)
Once I get the new computer, I will post what I wanted to on Saturday.
Now for the market...
I had a ton of limit orders in place prior to the hiatus. My market thesis was dead on, and all the limit orders to sell shares/options got executed.
The market approach the weekly and monthly resistance points. (An area, if not on my honeymoon, I would have shorted the market heavily. As I was telling my wifey over breakfast the day it was happening, coincidentally putting her back to sleep :)
Regardless, the question now is how much can the market correct?
A look at the daily indicates the market will see the 28 or 32 SMA in its next leg down. But if the big boys get scared again, I can see a scenario where the SP500 approaches a very strong support is at 1150. (The market will not break 1150.)
Although automated triggers sold off most of my holdings, I maintained a light market protection I took on before I left. (It lost a lot of value, but overshadowed by the gains.) I will cover this protection between the 28 and 38 SMA.
As the market approaches the SMA support, I will begin re-entering names. (ie, AAPL, IBM, AXP, PBR, MF, etc)
I am still bullish on the market because one of my conditions for a year end rally is playing out. The 10yr has broken its negative down trend, and this will facilitate the equities markets. (IMO, QE2 is a farce, and will not happen as we do not need it. Although the fed keeps the market in check by dipping its toes in and continuously touting it.)