Pump the breaks, looks like the market gave us the fake out. From a technical perspective signs were pointing to a bounce, however today’s price action put things back in check. Suddenly that 995 S&P Target doesn’t seem so far away. A few weeks back we talked about getting short at 1127; our target is the $995. We also talked about the importance of hedging. When the market is up, you must think about downside risk, and when the market is down, you must think about upside risk.
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