Today was important. All the intervention clowns who traded their Yen and Euros for US stocks at the opening got their sushi- and Strudel-eating arses handed to 'em big time. Volume was chunky, but only about 2:1 Down:Up in the 'Dung and about 4:1 in the NYSE, clearly non-capitulative. As was P/C's. The VIX hit a new high at 50, technically bad since it keeps making higher highs and higher lows.
We're oversold, but everything that matters hit new lows today (SOX, BKX, SPX, NDX/COMP and INDU), and there's no real technical support coming up to stop it.
In short, if yer LONG, yer WRONG! Caysh and shorts are king, everything else is piss! In that spirit, I bailed on my PFE and RD positions, as well as lightened up on DROOY, HGMCY and PAAS. Regretted doing it, but risk management is top priority in a bear. IF we get a major break, gold won't be spared (as 1987 demonstrated, and as the last 2 sessions have shown us). |
