TOT daily traders went 300% long at SPX 2052 at about 9:36 this morning. The SPX is currently about 2058. That the market has recovered almost all the day’s loss (and more, if one counts overnight trading) is impressive. However, news matters, and the Yemen/Saudi news today is very important. If the Saudis are not able to “mop up” the Shiite rebels in Yemen quickly, the mid-East quagmire becomes even more dangerous and uncertain — and markets do not like uncertainty. Just to be super-cautious, raise the protective sell stop on the position to an SPX 2052 breakeven.
Thanks for the opportunity to be of service, and I’ll email you again later today.
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