That may well be true, but your approach to trading and viewing the mkts is a terrible one. You're like the guy who'll watch a stock drop 10 pts but will only try and play the 10 cent squeezes long. Talk about having blinders on!
This is very similar to the post 911 selloff. Everyone was shitting themselves that the terrorists would destroy America and the markets plunged onl to regain nearly all the losses when sensibility kicked in. There are no more shoes to drop.
we have seen the capitulation below 9K now i believe we get a nice multi day rally under the circumstance GE doesnt screw it up. Im long because its way to risky to even consider being short over the weekend.
I'm long too. I think the down move is over. Peak volume yesterday and doji, and today volume drops off. My fear is that instead of a big bounce up, the markets will just stay flat at this level. That means us longs will just have to sit it out..
Finally this is capitulation people buyyy. Have a week out look. nobody catches the exact bottom to the penny but this is a short term buyyyyy
No one can pick the bottom but these levels are as good as you may get for a few years. Markets overshoot to the downside and multiday climactic selling signals an IT bottom. The financials are oversold and will be the biggest movers in any rally. And, bear in mind, the few banks remaining will not be allowed to fail. C, JPM, BAC, and XLF ETF are good buys. C at 12.9 is an exceptional but with max dowside to 10; XLF at 13.7 is also a very good buy.
To me it looks like nasdaq is stronger (going down less) so I'm thinking it's safer to buy QQQQ or NQ instead of individual stocks and XLF. That's my plan, I'm just waiting for some indicators to turn up (less new lows, more advancers, etc.)
1987 had a bottom after a ~30% sell off, then had a 12% rally for 2-3 days. Then a few weeks later a retest (without going back down to the lows). If I wanted to get long I'd look for that rally, then wait and see how the retest behaves in a couple weeks/months. If it manages to stay above the lows for a while then that might be a good sign (assuming 1987 is the correct playbook).