There has not been a selling frenzy yet, like the insane buying frenzy we saw in early 2000 just before everything turned.
Its curious that the Asian markets and European markets traded down 2-5% ahead of the US markets. Lately the US markets have been leading them down. My guess is that they were factoring in the increasing middle and I/P tension. Anything else that wouldve knocked them down that much? Our markets weren't THAT weak on Friday were they? In any case, I don't like the fact that we are down 300 on the DOW and still trading heavy. And that we got here on a steady descent.
bet nobody expected a bounce!!!!!! i wonder what it will be blamed on? maybe the plunge protection team.
Maybe an official market technician can make the call, but I believe the market is bouncing off support at the neckline of the so called head and shoulders pattern everyone has been commenting on.