herd mentality, get short, get short. smart money buys value by the way, who do you think is on the other side of those shorts? Think is a bunch of dumb-ass hillbilies? Your shorts are deep pocket longs. Its not about who is right or wrong at this point, its about staying power, patience and of course very deep pockets. We'll see, its kinda funny though when you think about it.
the myopia here is astounding. dow is down less than 1% Nascrack is down 1.30% that is NOTHING have some PERsPECTIVE in every bull market in history we have had much bigger red todays than today, and far more frequently (on average) we've gone longer without a 2% down day, than we have in many many many years we are in a low volatility enviro (see" the VIX) and that is clear by all the idjots who think a very minor red day is some sort of cataclysmic event oh yea. and MSFT is up strongly in ah's due to earnings
exactly... i am salivating at potential for a bullish breakout. we're still in the ranges; earnings aren't that bad, and Ford/Housing doesn't matter. Just a (hopefully) final puke before a long overdue (2 months) another leg up.
how can you tell its a top after one down day. the futures can be up huge sunday night and new highs on monday. maybe?
17 ES points without a major bounce is huge intraday in this days of low volatilty. May be your trading another timeframe. Let's see if 1420 and 1426 shows some support tomorrow.
exactly note the qualifier - in our CURRENT LOW VOLATILITY environment (people are blind to the larger history of the market) it's myopia study the market, not just the recent past the dow was not even down 1%. it was a very minor selloff by most metrics. volatility is more cyclical (and more predictable) than price and if people don't know how to trade higher volatility they will get hammered