Consistant with a bear market, right when you think the market is turning and becoming a buy, it'll drop just as fast. Like i have said before, a bear market does damage by wearing you out as a trader rather than just drop consistently.
We once again hit resistance at 1390 in the S&P and dropped 250 points on Friday. This market has been trading in the 1390-1180 range over the last 3 months. A significant buy/sell signal will only be generated once we break through one of these resistance/support levels. Until then, stick to trading small size and book your profits fast as usual.
Positions: Short MA, RIMM
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