It's possible... The plunge in our markets today causes a sell off overseas in Asia and Europe tonight. If those sell offs are substantial, then our markets could dump again tomorrow. There's nothing wrong with wishful thinking, especially when probable...
nikkei futures in us trading were already down to 16780, down about 300 pts from the nikkei close. the Japanese like to sell off and buy their own markets. likely they'll buy up their market tonight, only to sell it off end of day.
Good! I hope the f'n DOW tanks a thousand points tomorrow. We need some f'n max pain in this country to wake people up.
I would guess you're most likely correct for two reasons: There was continued selling into the close, i.e., noticeable lack of covering, and we have not yet had nearly a sufficient enough correction. So this would be as good a place as any for us to continue on down some. It is interesting to note that when TNX and SPX move in perfect consort as they have the last few days that is never a good sign for the bulls, as it means interest rates are being driven lower by demand for bonds, whereas in healthier markets TNX and SPX move in opposition.
I'll probably get some heckles here, but be careful about shorts. Friday is OE and QQQQ max pain still 43. I've seen them perfrom miracles two days into OE. I heard some people say they've back tested max pain and it had no good results. While I haven't run long backtests on that, I have noticed that major indexes usually tend to approach that pt., although individual stocks diverge wildly.