Stocks are at the edge of the cliff, and ready to tumble over the edge
It may happen on Tuesday or it could hold off till WEdnesday, but the charts I look at indicate this market is heading lower until at least the 29th as mentioned b4.
Tuesday USA would depend on How Europe behaves at its open, but it matters not as this week appears destined to plunge even further than most woud suspect, leaving the door open to the first January crash in history.
Best Wishes
Jay
1 comment:
1260 SPX is 20% haircut in 3 mos.--by some definitions a Crash. Hasn't it been prudent to buy all crashes; exception 1929!! Do you really think were going down that river this time, or possibly a 1973-74 scenario? If we lose 1260 in big way, I will concede 1200-10 SPX as a tremendous buying opportunity. I think we bottom right around today's future's close--just insane panic selling.
Then again, I am bothered by the "we don't know what we don't know" derivative mess. That's the wild card that could cause massive carnage...oh well!!
Thanks for the blog,
Steve
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