ST, can you explain why you were saying retail sales were going to be strong yet we saw a record decline?
I went short with 7 minutes before close, when it broke through 890 the 2nd time that was it fo rme. Now it's tanking. Next week is options expiration week. I think it's going to be very volatile. To answer the candlestick pattern, now it's obvious: Bearish Harami. This is definitely not bullish. I think we're headed to the lows yet again. The market has proved for the 3rd time that a key reversal has failed. 3/3 failures. I'm going to be playing the short side until we make new lows. However, all that said, we still have massive positive divergences on all the indicators. So one of two things: 1 - we break the low and the close above, which is bullish, and then rally (similar to now) 2 - we really really take out the lows and those positive divergences go negative. The PPT adds an unknown to the equation. I'm not sure they can stop it, and I think sellers might be profiting from PPT because it gives them a chance to sell more at a higher price. I'm not sure the PPT is helping anyone. Just let the markets go to 2002 lows where real committed traders (not ones who will get out the same day or the day after) will step in and give the market the support we need..
Wow. This market is really just unbelievable. I'm a longer term position player - weeks to months timeframe and I just keep shortening and shortening my focus. I think I am now thinking forward in terms of 4 hour blocks rather than days. Went short on the close yesterday, closed out, reversed and out again. Its like trading your delta hedge - you just don't have to be long options though to do it!