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Jeff Clark: If the S&P reaches this number, it's a good short sale
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Monday, August 17, 2009
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From Jeff Clark in the S&A Short Report's Direct Line:

The S&P doesn't often move more than 20 points in a day. So whenever you get a gap of that size at the opening, it's best to wait and judge the strength of a counter move before taking a new position.

We haven't seen much of a counter move... yet. Although it wouldn't surprise me to see some fast buying come from out of nowhere.

Actually, I hope we'll see a move back up to 992.50 - the support level from last week. That would be a good spot to put on some shorts.

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