S&P and Silver Not Recovering -- Positions Stopped Out

My S&P and Silver positions were both stopped out this morning. 

The downward slide that started yesterday after the FOMC is continuing.  In the announcement, there was mention that we can expect a slow unwinding of the QE in the future, and that was enough to cause considerable panic selling. 

The S&P:

While there is still potential for another push up in stocks once the panic subsides we are price is sitting at a support level.  I got stopped out on the S&P by a pip and a half. It's frustrating, but it happens.  It is time to "Wait and See Where it Goes", not time to "Take a Gamble and Guess".  Price is at a support level right now, and that support level could either hold, or it could break.  

The plan is to take advantage when some evidence comes in to suggest which way price will go; and that will only be provided with time.  

In the bigger picture, there is certainly evidence to suggest that the S&P is topping.  The uptrend is losing steam, and it will eventually roll over.  But I am not in the business of picking tops.  In my experience there is no money in that.  Until it is confirmed that it has topped, I will not be guessing where that top may be.  

Silver:

A new low was broken.  Was the low pierced and it will recover?  Or will it start a whole new wave of selling?  The low offered considerable support, and the trade to go long was a valid one.  I will be waiting to see where it will go and wait for a good set-up.

This post is not a recommendation to buy, sell, or hold on to a position.  This is for informational puposes only, and to log and track my own trades.  For more analysis on the S&P, silver, and other commodities, please subscribe to Chris Vermeulen's Alert Service.