In edit, what is going on with BSTE, I just got a fill at $36, and I see some trades at $35 before, how come they did not give me those $35? Well, AH, go figure....
Agree, that is why I went to sleep with 70% cash here.
I think there is a better than even of a decent bounce tomorrow and perhaps Wed. as Saville suggests. Just to get the suckers complacent again before the next leg down.
Your opinion please...one of the scenarios I'm thinking about is a minor bottom right around 1320, then a bounce of max 100 points to the top of what would be a descending triangle, or perhaps stopping at the 200 day SMA.
(Use your imagination, as I haven't upgraded my stockcharts subscription yet and can't post annotations). This would be supported by short-term sentiment like the P/C and VIX and oversold stos, the imperfect inverted hammer today, and the general level of bearishness. It would also set us up nicely for a breach of that triple bottom at 1319-27, or whatever it is, and a retest of the October lows, as the triangle measures almost to there.
interesting readings on the sentiment numbers i track. although the tick and trin are in the "area" of the july/oct bottoms, all the rest have quite a way to go yet. could be wrong but the conclusion i would draw from this is that we are in the midst of some serious distribution. LEON
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