Are we really talking about 'tops' again? Every few weeks we have a downmove/large hourly down candle, and people think it's the start of 'the crash'. Been that way for the last 10 years. Pull up a long term chart and breath! Even better, get long lol
the vol I mean is 2 days in a row now of "large" gaps up at the open only to reverse to negative intraday. that's just weird.. CAT had a huge earnings release but the news was sold and stock is down big.. the whole thing smells of exhaustion.. maybe not the (S&P down 2% - vix at 20 type of vol).. but the market dynamic is "different" now
Look beyond the market and look at specific sectors and stocks. Canadian energy and mining stocks are cheap at these commodity levels.
This morning Draghi said: "Someone else's FX talk doesn't comply with agreed terms." In other words, Draghi accused the Mnuchin/US of violating FX trading arrangement with the "weaker dollar" comment. Just my opinion, but watch out here....some may remember the weekend of October 1987, then Secretary of the Treasury James Baker attacked Germany on currency policy, and threatened to intentionally weaken the dollar. The following Monday was Black Monday. Now in fairness, the market was already selling off prior to Baker's comments in October 1987, so stock markets were jittery then, unlike today - but regardless, currency/trade cold wars are generally a negative for stocks.