SPX - New Intraday Low

Sorry folks, but there hasn't been a lot to say the last few weeks as the price action just continues to head lower. With the global credit issues coming to a head, the fear and jitters are likely to hang around for awhile. I'm not sure what the catalyst would be to turn the market back up, but it sure will be interesting to watch when it happens.

The trend is down and the price action continues to follow the trend.

This is a very easy business if you have a system and follow rules.

Rule # 1 - Trade with the trend.

Yes, there is volatility and the possibility of a relief rally, but just watch the charts and if you're a directional trader be patient for those low risk entries.

If you're a premium seller, sell away and enjoy the high VIX.

Fed tomorrow, but thus far the Fed cuts have not even put a dent in the downtrend.

Follow the price action, not the news.

SPX Daily Chart (new 52week intraday low today)