After enjoying paper profits yesterday, we booked a loss in this session. After bumping up on 1300 resistance, the S&P 500 broke down below our price channel resulting in our stop being hit. The loss can be attributed to disappionting reports on housing and factory orders, or home sales; but it really doesn't matter and its anyones best guess. We let the charts tell us when its time to exit. Attempts at analysis of all the economic news and pundits would not lead to better trades as its impossible to know everything and there seems to be a pundit on ever side of every story. Take losses gracefully and move on.