I was depressed by all the uglies yesterday and so I took a walk.
(Three nights I have had poor sleep from thinking of them.).
In any case, I returned home and made a determination to stop
(and to change my thinking).
I am reading a book from my library:
"The Power of Positive Thinking" - Norman Vincent Peale
Chapter 7 - Expect the Best and Get It (p84).
It starts with a story of a young man who had failed at everything and then turned his
life around and had become happy and successful. Norman was intrigued and asked him to
tell him how this transformation had happened.
(he tells his story)
Then he concludes "God and I struck up a parternship."
I liked that.
A good way of putting it.
Then I reviewed my life and realized that He has helped me and provided all the resources I need (help, information, insights) at just the right time and in just the right way. He both closes doors for me and guides me towards the ones that are right for me.
I need to relax and realize that if something I think I want doesn't come, that I may have been heading in the wrong direction and that He knows better than I what is good for me.
(Readers note: If the word "God" and "He" distract you (too religious) just mentally substitute The Force or Good Omipresent Divine or whatever. I only use "God" as a convenient short form.)
Yesterday I posted a chart with the idea that we might have adouble top in the ES.
This evening I read
NEW YORK (Reuters) - U.S. stocks fell more than 1 percent on Wednesday after a hefty year-end rally and the S&P 500 erased gains for the year on renewed concerns about the euro zone's financial health.
The selloff followed the euro's slide to an 11-month low against the U.S. dollar as regional debt worries prompted a wave of selling, with thin trading exacerbating volatility.
"It seems like the weakness in euro, breaking that $1.30 level, really made investors push that 'sell' button," said Ryan Detrick, senior technical strategist with Schaeffer's Investment Research in Cincinnati.
"But it's somewhat of an exaggerated move, considering that there isn't much volume, and this could end in a one-day selloff.""
source: Wall Street ends 5-day rally on renewed euro-zone concerns - Yahoo! News
Well it might be also be a double top with low volume due to the holidays.
So it looks as if 1200 is easily in the works and if doesn't hold there then the 1140 area (see chart from yesterday's post).