{+++} The United States was downgraded by S&P. The rating downgrade was from stable to negative. Is this the beginning of more bad news? This will be a very tough one for the bulls to overcome here.
The P&L positions are in very decent shape, our longs are flat to down slightly from our cost and our VXX long and VIX calls position are acting well.
Support to watch for the S&P is around 1297, that level has been breached, but we are now trading slightly above that level.
I am looking for some names to short, but don’t want to short anything further into this big “gap” down. If we get a bounce later or over the next day or so we will make some entries then. A rally isn’t out of the question as the dust settles, but I am just watching for now,
I will email you if I see anything new.
Joe