Thoughts? I'll give it a shot. For the first couple hours, it didn't seem like a panicked decline, but no rallies could gain any steam either. Seems that many were looking for rallies to sell into. Louis N., on Squawk Box this AM, predicted a "reflex rally" about an hour into the day, but it didn't materialize and we seemed to gain steam on the downside once the S&P broke its support around 1056. Trin was over 2.5, looking a little panicky. Now, we are getting that reflex rally, but it will fail, IMO, and we'll try for -500 Dow points at least.
BTW, for the record, bought both YHOO Sept 110s and AMZN Sept 140s a little while ago. Puts, of course. So, for anyone using me as a contrary indicator... BUY DAT DIP!!!
bOB |
