I've been sitting on the sidelines waiting for a good time to jump in, and I believe we are going to get it some time tomorrow morning.
After hours action feels very much like sellers exhaustion coming tomorrow. News like INTC's should not come as a surprise to anyone in the existing environment. Tech companies are selling off disproportionately considering the news. Fear is here. AHs today is not going through the motions like I feel we have been for a couple of days. (was today the most anticlimatic day ever from 10:30AM on as every trader on the planet waited for SPX 850 and NDX 1150?).
Key in the morning will not be support levels, fib targets, A/D breath, or options sentiment.......it will simply be volume.
Volume has been drying up in general relative to the past month. Our retest of the lows on the SPX and NDX have come on about 85% volume. One more punch to new lows to get a nice quick high volume churn to rid the remaining ST sellers and replace with buyers looking to hold for a counter trend move should fuel us up for a couple of weeks. Watching NYA.....would love to see 750M by 10AM, 1.4B by 10:30.
