A slow bleed all day long, pretty sad. The Dow closed below it's October '02 lows, it will be pretty crazy if we don't get a solid bounce here this week.
The Nasdaq led the way down this morning, if you weren't short early on, another opportunity presented itself in the late afternoon with a pullback to the 20-EMA on the 15-min chart.
The pressure's on for the S&P500 tomorrow. We're very over-sold (whatever that means) and a lot of people would like to see a rally to work off that over-sold condition and re-load on shorts. While at the same time, a PPT intervention/short-squeeze could give a lot of double-bottom-ers reason to buy in (with a hammer candle on large volume).
The more I look at these three indexes I could quickly envision tomorrow (or wednesday) being a very volatile day, with a snap-back rally once the Nasdaq approaches 1290.
I think a lot of people will be nervous at these levels and quick to cover their shorts or get long at the first sight of large range bar with strong volume. Then you'll get a lot of the TV prognosticators telling us the double bottom is in and it's a great time to buy.
The Nasdaq led the way down this morning, if you weren't short early on, another opportunity presented itself in the late afternoon with a pullback to the 20-EMA on the 15-min chart.
The pressure's on for the S&P500 tomorrow. We're very over-sold (whatever that means) and a lot of people would like to see a rally to work off that over-sold condition and re-load on shorts. While at the same time, a PPT intervention/short-squeeze could give a lot of double-bottom-ers reason to buy in (with a hammer candle on large volume).
The more I look at these three indexes I could quickly envision tomorrow (or wednesday) being a very volatile day, with a snap-back rally once the Nasdaq approaches 1290.
I think a lot of people will be nervous at these levels and quick to cover their shorts or get long at the first sight of large range bar with strong volume. Then you'll get a lot of the TV prognosticators telling us the double bottom is in and it's a great time to buy.
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