Was nodding off but checked back in just in time to catch the elevator down. Nice to see some intraday range expansion.
We shall all know in the fullness of time. I feel like what you're saying have been true for a very long time now. There's always uncertainty in the world and there's always something going on. There's been a multitude of reasons for this market to go down for a long time now, yet it's resilient and seemingly indifferent towards bad news. Every God damn dip is bought. I'd love a 30 % sell off, but I think we need a trigger for that to happen, i.e., a trade deal down the drain, Trump impeached or a Black Swan (by definition unpredictable) of sorts. For a down side target, I would not consider anything more than 2939 initially. That's 189 points or 6 % down. Seeing how little follow through we had on this leg down; not sure about that either. Just a potential target I'm eyeing. My two cents. Regarding that quote, I think I've heard variations of it throughout the years. I'm sure it's an old Wall Street adage. Would need some of the top pickers in this journal to go long before it's in effect perhaps.
I don't wish to hound you B1, but your comments are extreme. If you want to look at the big picture, aluding to 1 bar of the ES doesn't cut it. If you look at all sectors, majority were bearish today. Can you see a person in the pic below?
That's too soon to declare the end of this down move from the past 35 hours. Need to see a pass above 3117 before I would consider it.