Taking a look at Asia and noting nothing unusual. With no direction from our mkts and with the hangover from last weeks action, there was surprisingly little movement. As of this posting India was regaining some ground and other index downward movements were shallowing. Being oversold does not always mean we get a one or two day bounce here in the US...but DJ-30 action on Friday implies a try at a first swinglow vsoon. However...be VERY afraid!! The Floor loves it!
Here are some more thoughts for all that want to think and believe. We have not had a good 25-30% correction since 2000-2002 time-frame. This is a good time. Recessions typically dump the stock market down 25-30%. The good news is that we only have 13% more down to go before I believe we can safely start backing the truck for some good long plays. Its amazing when you throw some Keltner channels and Bollinger Bands around the weekly spy. It almost looks as if everything was so neatly arranged these last few years. Now it looks like Bollinger and Keltner cant stop the market selloff with their bands. The buy signal in past years was to get in when the spy reached the bottom Keltner or Bollinger. Uh-oh, I dont think that thesis rings true anymore.
wow I dont normally stay up late, so I've never seen this before but then again, I doubt many people have seen ES futures down 4% before market is even open
In 1987 market GAPPED down thru long term support, then the next day down 23% in one day. So the next two days could be history making...