Yeah Kevin, well IMO what's missing is a panic sell, Dow down 500, SPX down 40, Nasdaq down 100 in a day, and it could happen. It's on the charts. It's what happened many times before. Shorts may not cover, and funds may not buy until they see it.
I watched Moneyline last night, guest thinks more selling on Monday.
Cashin thinks, maybe wash-out Monday, 'get me out at any price', then maybe we can put in a base.
Front page of my newspaper this morning is covered with the doom and gloom about the economy.
Who knows what will happen Monday, but sentiment is not only bad, but getting worse, IMO.
Maybe the VIX will hit 40 on Monday.
There has to be margin calls and redemptions, IMO.
One problem is, these talking heads have made things worse, IMO. They have ruined confidence with their, 'train left the station', 'bottom is in', 'buy before the herd', 'don't fight the Fed', bullshit. They might make us go to new lows.
Tuesday sure did start out nice though, Nasdaq up 34, then KABOOM!!
Crazy market. |
