I see selloff will accelerate towards the end of today. If it does I believe this will continue for a few days and then the market might become directionless and no enthusiasm to buy. Turkey crisi should have a big effect on middle east's stock market that should spread to Europe. Turkey's effect is 1% but things add up.
I see market is moving in my prediction. I am not boasting but this is wake up call for longs. Early signs of selloff started two weeks ago
You might do okay for half the day, but I wouldn't think a 75% retracement in one day would lead to any significant drop tomorrow. The valleys are rising (June 6 and June 13) which means the peak will likely rise too. I'm long (as of 11:30 today) and will be until above 165.30 in SPY or until I see signs that today's rally is over.
From my experience i have observed that the bear market declines much faster than the time it takes for the prices to go up somehow sells are my favorites to make quick pips.
I don't know. You see so many so-called canaries in the coal mine, yet each time stock markets look ready to go down hard there is always a Federal Reserve official or Sir Hilsenrath to come to proclaim continuing or more QE. The upside is capped by "peak valuation" from peak profit margin, while the downside is capped by QE with the net effect being a converging flatline in the stock market for the foreseeable future, even if the all the other stock markets around the world tank. Must be a wonderful environment to be Karen the Supertrader.