Many of you who know me, know that I love to fish. Deep sea, pelagic and big game fishing is something I truly enjoy. A few summers ago, I was introduced to deep dropping by my brother in law. We used electric reels with about 2500 years of braided line, to fish between 800-1500 feet down. That's right....all the way to the bottom. The key is to find structure, pick your spot, be patient and strike the line when the pull comes. You can bring up 5 fish at a time if you are really patient. Now here comes the metaphorical reference turn....

 

I was in touch with a technical analyst that I respect very much today, and inquired as to where we were with respect to the markets.

1- Where were the major averages headed?

2- What were technicals saying about support?

 

We pushed through some fairly important levels over the past 2 months, and just today we pushed a technical low from February on the S&P. Watch that closely. Watch 2500 as well if we get there. I have attached some of his thoughts here if you would like to read