talk is cheap. once they actually do it, they will likely get buggered out of existence by the ensuing rally.
like i say, i do expect a recovery tomorrow, but i'm not sure about it. check the daily charts of the major indices...this is a wave 3. no ifs and buts about it anymore. the market lost 418 billion smackeroos in capitalization today, and only the Dow and the NYA remain perched precariously near tentative support. and the break happened with a bang. that said, often the immediate reaction to support failing is a recovery attempt, to allow the last vestiges of smart money to exit.
it's what da cheiff likes to call the 'recognition wave'...i like that term. note, the downside leaders (former upside leaders) , internet, SOX, telco, compooter hardware/limpware, netboinking, continue to lead to the downside.
the RLX perversely got bought today, but its chart wears its best 'crash me' face...the formerly sought after services sector has begun to turn down sharply from its , get this, bullish looking chart (up until a week or so ago that is). looks like the bear wants to eat the hold-outs now too, one by one.
all that said, a strong counter-trend bounce could materialize anytime now... |
