well the selling is fast and furious here. Investors are moving their money from smallcaps to the “safe havens” aka $goog and other crap like that.
There is no way to spin the action on a technical level. Its ugly and the vol pattern spells trouble. I think the only positive thing is that dollar rising today is causing much of the selloff its not some terrible earnings report or economic news. @copperstl had pointed this out me yesterday that the dollar was shorterm bottoming and oversold, it was due for a snapback pulling the market down with it.
Even with 2 very succesfull trades in $lbix and $yrcw I am still having a drawdown…..thats how nasty the tapeis. Id rather have Roseanne sit on my face then get nailed like this but Im willing to sacrifice that shorterm pain for a chance to smack mother market right back in the baby maker. The spy 105-106 area should provide good support and we should a shorterm oversold condition to bounce off. In the meantime im selling my dogs and raising some cash. Im at about 25% Id like to get to 30% while nibbling on some select chinese names.
The $spy has broken down through its breakout spot which means its time to get defensive. Get nimble people
The $spy has broken down through its breakout spot which means its time to get defensive. Get nimble people$rut already resting on its moving avg
Tread carefully if you dip here make sure to watch the indexes for a break…..
I will be nibbling on some stocks here $yrcw in 3.5s-3.6s $tmi $eds (10s) $best low 1.5s
The key is not to go all in………….SCALE IN 1/3S OR 1/4S nibble and watchout smallcaps getting their faces blown off
