When being patient waiting for a turn, it helps me to figure out logical buy points. From the cash S&P 500 index, I see the recent bull move was from 1224 to about 1460, a 236 point move. So I computed the Fibonacci retracement levels. The 38% retracement is around 1370, which is the low of Thursday. We'll probably open below that today - any support there intraday would be interesting as would be a close today at or over that level.
The 50% retracement level is around 1342, which [coincidentally??] is around the 200 DMA. That is a logical buy point, too.
The 62% retracement level is down at 1314, which is [coincidentally??] right at the magical 10% correction the seers on Bubblevision like to talk about.
Those are the levels I'm watching. The "real" news flow might help us select which would be a good spot. I expect to average into stocks at those levels unless something changes.
PS: [posted at about 10AM EST] I bought the last slug of India stocks at about 9:35 AM to get my India long term investments up to 6.7% of the value of the Krypto Fund (India specific investment is NOT included in the Krypto Fund amount).
PPS: the times the blog site gives for my posts seem to be PST - I suppose because Google is in California
About Me
- Bunkerman
- I have a pioneer mentality. My wife & I live in the woods - neighbors aren't visible except slightly in winter. Our "bunker" - hehe, really a fine home & barn - has plenty of security. We have four dogs: Krypto (age 9, Kelpie), Ava (age 13, Rat Terrier), Sky (Kelpie, age 5) and Lucky Star (age 1, kelpie). I don't take crap from anyone anymore, having enough resources & gear stocked up to survive in any circumstance. I have three degrees from Harvard including a Ph. D. in a physical science, and an MS in Management from MIT. I worked as an investment banker for about 25 years, mainly in secured finance, at three major Wall Street firms and for the last 17 years with my partners at our own firm. I'm semi-retired now, managing some private corporations and business interests and doing my own trading & investing. This is not to boast, but to give you an idea I know a little about some subjects from experience. The photo is my 1943 M16 half-track which I am restoring. These armored vehicles were ubiquitous in the US Army in World War II and Korea. It's driveable.
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