Remember from the last diary that we had missed the swing up (hesitancy over Greece) and that we would not take further trades until the swing was right.

You will also recall that we showed the S&P 500, and broadly where it would drop. Here is the S&P today.

We are not sure as yet how far the S&P will drop. However, we can now look for excellent buy opportunities in the S&P and FTSE companies.

It is, of course, not the case that when an index falls (the S&P above is an index) that each company share associated with the index will fall. But in this case, it was a right decision to wait.

To do otherwise reminds me of the comment “the operation went brilliantly, up until the moment the patient died”. The same is true of trading. How well the trade is going – or how many points up or down –  counts for little until a deal is concluded (sold).