Well well well… that was a short lived long signal on SPY. Today we got an exit on long signal. See chart below. I had mentioned in my last post that I was going to buy on dips but with the exit signal, scratch that plan. It was wise to look for a dip to go long and not jump in after 5 up days. I was thinking of taking on some long positions but I think I’ll wait. The real question is are we retesting previous lows and looking to recover and go long or are we just beginning a long downturn? What I think does not matter. The market will do what it will do. A Greek default would pull the rug under this support; and a resolution of the Greek debt would give the market a nice boost.
For now, I will go with the down signal and sit on the side lines, relatively flat performance so far for the year.
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