Still a complacent market...Many of the pundits thought "the low was in" last Monday...then when stocks resumed the downward action, we get the "retracement of the low" rationalization. The reflexive dip buying has been embedded in this market for longer than I can remember. Uncle Fed is always around the corner ready and willing to do "whatever it takes". And then we have crude oil...largest spike in 25 years followed by a huge retracement...the bots are going to kill everyone left alive in this market.
Yea I was hesitant to take the trade around 52 week lows but I did for only one reason, I own a good amount of TVIX and with how volatile its been I figure I could trade a little SVXY for a bounce in case volatility starts to drop off.....TVIX is surging, Im down on that position but it has climbed back greatly over the last 2 weeks....Looking to sell it all around $25-$30 and that could easily happen if the markets break past their August 24th lows!!!!
The stock market has always been about conditioning, a bear market emerges when most people have been conditioned to buy the dips, only a small minority will escape with minimal losses or gains.
Agreed, I've been saying that same thing...Oct 2014 is still fresh in many people's minds and the bullish pundits were trying to ingrain that in everyone's head this past weekend...the underlying stocks were saying a different thing (as was the heavy skew) and/or junk bonds, credit markets, et al... Bear market rallies are still a spectacle...sharp panic rallies that can question anyone's resolve.
Nasty drop the last 10 mins, now asia will sell off leading europe to sell off and the US markets could easily open up again hundreds of points lower tomorrow morning....rinse and repeat...would be very interesting to see if the markets close in on their August 24th lows, because if we even get near that and drop below those lows these markets are going to turn into one big Fu$king mess....
He can take comfort in the fact that 1867 is closer now, after today's bloodbath. Things will only get interesting when that level gives away, the bulls who bought all the way up during the dead cat bounce are going to panic, big time.
Thats what Im thinking, anyone who bought those lows on August 24th will be extremely quick to sell as it approaches...
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA TOLD YOU CNBC WAS DOING THIER MARKET IN TURMOIL SPECIAL.... TOP NEWS & ANALYSIS Dow briefly plummets 500 in volatile session All three major US indexes stood in correction territory on Tuesday as weak China data hit stocks. • History predicts another wild week Stocks close nearly 3% lower: CNBC Special at 7pm ET