It wasn't much of a suprise that today's drop happened. The bounce that was supposed to take us up to new highs according to so many just did not happen. There's no way it should've. You can't go from pure unabashed complacency to panic to unabashed complacency that quickly!
There's obviously more room on the downside from here. I wouldn't be suprised if the weakness eventually carries us through the 200 sma of the major averages.
Tommorrow will be no exception. Expect further weakness and some follow through to today's action. If Asia and Europe are weak as well, it could get nasty.
That's it for tonight, i'll be back tomorrow.
1 comment:
We'll see another bounce. Or just enough of one to allow me to get short!
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