i agree,shorts are buried today.although,those that shorted the strength near the open with the financials did very well. i doubt they held past 1:00.
so you said earlier if I am not mistaken, you are still holding some longs. Do you care to share what positions you have open currently and what cost average? I am done for the day..down a total 7.5 points on the day...
The idea that you must have capitulation to end a bear market or correction is a myth. We had it on the first drop in Jan. For most double-bottoms I've seen, you only have capitulation at one of the two low points. And while the volume wasn't at capitulation levels yesterday, the put-call ratio was. I'm not saying that we've hit the ultimate long-term low. It's possible but I have no idea. But with such a close test of the 1/23 low, we have a textbook double-bottom. There's a good chance we could go considerably higher before there's a new low or failed attempt at a new low (the latter being very bullish).
Excellent point, and one that is completely missed by people that don't have much market "history" under their belts.
I agree. It certainly looks like a double bottom. And as I have repeated many time the fed HASN'T even cut yet. When he does, expect more upside.
See the above post by "MKTrader" in order to be truly educated. Until then, you might wish to observe the markets for awhile before making such naive posts. Markets can make bottoms not only based upon price, but also based on time . . .