I think we see a test of the flash crash lows at 9800, then below. If it goes back up 200 on Monday I won't be surprised much. This rally from feb 09 was a 70 to 80% retracement, so it depends on the scale you look at. Based on that bottom a test of low 9000 dow area could happen.
I picked up NLY 5/13 @ 15.95 after it dropped off from the earnings miss and the May crash, looking to add to the position @ 15.00 (long term hold esp with that 15% div). Came close, but then rallied right back to the pre-crash price. That's a sign everyone's going defensive IMHO. For day trading, shorting momo stocks' rallies has been solid.
We close green tomorrow, guaranteed. Way too many permabears calling for market to collapse. Tomorrow will not non-eventful.
Summer doldrums? The past 2 weeks were my best of the year. But bring on the crash! More is better !!!
Being contrarian, the more "bearish" sentiment, the more buying opportunity that is. The Smart Money might be making their moves after they started dumping stocks when Dow and TSX was at their recent peaks in late April. A lot of stocks are making lower lows with relatively normal to small volume. It looks like small investors are panicking and no new buyers are in to support to price level. Wait till Smart Money "gap down" below May 25 low.. and quickly buy back again. I bet a lot of traders have their stop-loss at May 25 low. May 25 low is also an important support level equivalent to February dip. It will be interesting to see if the market will continue to support at that level. It it does, then we may see a double-bottom reversal once Smart Money start to make their move, and mass investors will jump in. If the price level breaks below February low, then we are in a for a fun ride.... LOL **START LOOKING AT BORING, NON-SEXY COMPANIES ie. infrastructure and utilities companies that pay solid dividend over time. It will be another great opportunity to pick up some stocks as your core portfolio. It shouldn't be too hard to find solid companies with 4-6% dividend yield. In turbulent, volatile times, dividend paying companies tend to weather the storm better. More investors are seeking dividends while waiting for the market to rebound.
the previous two times SPY touched lows ~104-105 VIX stood at 42 and 48. today SPY 105, VIX 36. Some complacency here? A major dump is desperately needed to fix the complacent folks.
Yeah. A little scrambling going on by longs here. The slow but steady sell-off and non-reassuring pattern's along with continued dollar strength, Euro weakness, commodity weakness, and gold strength. I am looking at 1023, 1008, 998 as support in the spoos. Op ex is next week I doubt we make it to 1008 or 998 but 1023 is definitely possible.....