HI Barbra; Good to hear from you.
I don't think this is any BK, not yet any way.
I'm already nibbling on some dips, tomorrow
should be the bottom for sure.
Back when I saw the sell signals on the 16th I thought I was
going to get tarred and feathered by the bulls.
I did miss the top but not by that much. CNBC kept the hype
going until the 20th, today they come out and say their
technicians have been worried for two weeks, what a cheap way to
cover their rear.
If we hold here at the 1140 level we will be OK , if we don't
I see 1120, but if we dip that low; recovery will be slow
coming. The vix says she is oversold, the trin says over sold,
but the Nifty Fifty and the Magic 10 look sick..so the signals
are very mixed.
While I don't see us going into a BK yet , more downside could happen, then a bounce. I think a lot of wind has now been let out
of this supper Bull Summer rally..and we may not be a long way from
going into a bear market, watch the unemployment , if more layoffs
come it will put a dent into the 401K cash flows.
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We need to have buyers or she sinks of her own weight.
Jim |
