The market was eviscerated today. No surprise here as it's exactly what I've been looking for. To my dismay I had a solidly profitable day instead of the obscenely profitable day it should have been. Shut up and take the money.
If we bounce? Shut up and take the money. Get out of the way. We are oversold and aren't likely to go straight down. Unless we crash. Ha. Also I'm seeing a lot of broken support and broken trendlines and we could bounce to test the underside of these confirmations.
The VIX broke out which augurs for more downside but I'm not convinced it means anything.
So here we are. I still see a variety of bearish trade ideas but the best (and my favorites) have been missed. Insurance stocks look vulnerable.
One thing that surprised me today was the severity of the sell-off in commodity names. This weekend I noticed ominous looking patterns in steel stocks. Other basic material names looked ripe for a fall as the week went on. I sort of missed the fall in the oil stocks altogether. This again goes to show that when in a bear market there is no where to hide. Oil will come down with slowing demand. Of course the long-term bullish supply/demand story with oil is still intact but over the course of several weeks or months it may not matter.
Friday (tom.) is OP-EX. I just want to survive. Get out of the week intact best I can.
Sitting here tonight at my all-time highs. Best month ever (so far). One quarter of the way to my profit goal FOR THE YEAR. Damn I'm due for a reversal of fortune. Not that I plan to give too much back. I will protect gains. Rest assured -this is my year.
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