This morning I mentioned that the market didn't look too bad. Well that was true for about 45 minutes. The S&P rallied a dollar from where I posted but has since faded.
The S&P continues to drip down slowly. For anything to change there needs to be some panic or signficant fundamental change. The VIX hasn't moved up enough to indicate panic. I think that means there is more to go on the downside before any rally.
Watch the January lows. There needs to be a signficant reversal off those levels for the market to see any real upside in the coming days/weeks.
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