Monday started out on the downside but made an impressive attempt at a rally almost hitting 8600 on the Dow, but then it was all downhill from there as the market sold off big in the final half hour to close at 8175.
Every attempted rally is met with a total lack of enthusiasm. Volume once again was average which means people weren't jumping in during the rally, hence it fizzled as usual.
I have a feeling that tomorrow or Wednesday could be the "holy crap, get me out of this market" day. The Dow has been holding up relatively well when compared to the S&P and the Nasdaq. It's time for it to play catchup. Verizon held it up today and that won't happen again.
I'm short the S&P again, buying in this afternoon. I plan on holding for a couple of days and at some point we'll get a rally. Really, we will.
Automakers are about to be bailed out... by the Energy Department??? The gov't is pulling out all the stops to do anything and everything possible to try to slow the spiralling.
One of my favorite analysts is about to be on CNBC and I look forward to hearing what he has to say. He's been dead on about this downturn the entire way and I want to know if he see's the bottom anywhere in sight yet.
How about this tidbit... In the month of October there have been 19 trading days so far. Only 4 of them have been up. We knew it was bad, but it's hard to fathom how bad it is when you realize that only 1 day a week on average has been positive.
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