Buying into unfounded fear is one of the best ways to make money in the market. This is one of those instances.
You always refer to the 2:30 bounce. I just thought I should mention that 12:30 isn't a rally point. It (as well as 3:15) is commonly referred to as the end of the countertrend. If there is a countertrend going intraday, it most times reverses at your oft cited 2:30 point. Doesn't matter whether it is bullish or bearish. Today the trend was down. The countertrend formed just after lunch like normal. It then ended at 2:30 like normal.
the market is worried about china dumping dollars and buying euro. also,the street is now worried about defaults on corporate debt. nice article in the WSJ today about that. then oil; the fact that we are so close to 100 a barrel is starting to make everyone think about reality all of the sudden.
That worked out perfectly for me. Last time I git fucked on a day like this when that rumor of rate cut happened and cost me. Made it all back and then some. I sold my DXD and went long into tomorrow with DDM. Hope I don't get fucked long into tomorrow.
No Idea how the earnings are/were, but the initial reaction seems to be a sell @ 31.75 down 6.75% on the day.