You have thousands and thousands of outside traders who have been praying for a SELL OFF like this so they can buy a higher low... as in they have been waiting to go long.. If we go back up and test the high in the next month or so and it fails to make a new high and comes down hard again THEN we have the beginnings of a coorection / or bear move... cj...
This ought to mess with some algorithms. Now if volatility could stay on the 15-20 range for few days.
Agreed, covered YM shorts at 14:27 price 12347... Thought it was a good move. That is what i get for thinking.
The DOW went from down 280 to down 500 in a flash. Computers really chirping to each other. Naz down 100? All because people are thinking about curbing growth in China not even doing it? This is a greater down volume day than 9/11. The Nasdaq's loss is akin to 2001. We have given all this years gains back. Time to give up? I don't think so. Last year we gave all our gains back for the year two or three times in a much more limited way and still had a decent year. I'm hoping for the same again. Are we about to attack Iran? The fact that we had a nice rally up just doesn't seem to be enough of a catalyst for this sort of decline . Fed futures now 60% leaning towards easing.
Bargain shoppers are coming in... What do you think about tomorrow?? I'm leaning toward another day of red. Any thoughts?