SGS is LONG (As of close of 8/24/11)
I changed my FB profile so that my status and comments are public. http://www.facebook.com/profile.php?id=100001563450122
Since late 2007 there has been an on-going war between Big Money and hedge funds. In 2008-2009 crash, Big Money saw to it that hedge fund industry suffers greatly and as a result a number of hedge funds either went under or lost a great deal of their money and investors. In recent quarters, hedge funds have lost a great deal of money again and Big Money could put the final nail in coffins of a number hedge funds by dragging indices substantially down and create another mini financial crisis, but he has a dilemma. His dilemma is that another financial crisis would mean losing possibly another generation of retail investors. I have no idea how he's going to play his cards now and how he intends to close the year.
Indices are all coming up against their 50D SMA. SPX very likely test its 50D SMA around 1180 tomorrow. If SPX can manage to break through and trade above its 50D SMA for the rest of the week, the likelihood of SPX testing the upper channel of its two month trading range (thick brown) around 1210 sometime next week is high. At this point I believe that would be a good place to close long positions and go into cash.