Wisdom

Overtrading
There are stock traders who make 150 or more trades in a single day. I am not sure they make a lot of money. I firmly believe that you can make more money by making fewer trades because it will make you focus on only the best of opportunities, and play them with a larger amount of capital so the pay off is better. By being patient and disciplined with the really high probability trades, you can maximize profitability.

SPX Jobless report selloff

Today the market lost all of this week gains after a disappointing jobless report which came at 500,000, selling pressure brought the index below it's 20 and 50 day moving averages, but at least closed above the 1070 level.
The whole week the market has traded in a range between 1070 and 1100, so let's use those levels for initial support and resistance.

Wisdom

The market is an irrational creature. To rationalize the market can be fatal.

SPX analysis for August 13, 2010

On the weekly time frame we can clearly see that in July the market tested the 38.2% Fibonacci retracement of the May highs and now it looks like it is heading again that way, below the 38.2% retracement level, there is not much support and the index can easily go down and test the 950 mark at the 50% Fibonacci retracement level.
In order to avoid this scenario, the bulls will need to bring the index to 1090 above the daily 50 day moving average, close and remain above it.
Support remains at 1060 and resistance at 1090/1100 area.