Look at these charts representing semis, metals and miners, coal, steel, oil companies, and gold miners. Support thus far has held on all of them -- there are the lines of the sand going forward. We buy the first test (today) but never the second test (if immed after) so none of these will be valid if hit again tomorrow. Our regret is not hitting support long trades harder this morning as it is very rare for multiple sectors to hit support and fail simultaneously.
Hoisington: On the Fed and the Wealth Effect
45 minutes ago