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one area thats trying to find a bottom is natty. Carving out a massive double bottom, could be really nice in a week or so.
I am really liking the drop today scaring out longs for real idea. Maybe a bit more. A sideways consolidation would be perfect setup for a move higher, but it has to base well, not a 1 or 2 day wonder. Linked that idea you had last night. Thanks for the recap.
Chess:
I love your market commentary and really appreciate what you do. For a long time after the market lows in 2009 I thought that what we were seeing was a bear market ralley. When we exceeded a 63% retrace off the lows I became a believer that we were in a bull market at least in nominal terms although maybe not in real buying power. So now I find myself wondering if this IS the point where the rules change? Have they done all they are going to do and are they now going to stop messing with the market and let things play out? Gold seems to say money printing as far as the eye can see, but the market seems to be saying depression ahead. I am trying to keep my head. VIX over 40 usually a good time to buy, market very oversold, also if the bull is done that was a very short bull market and everyone and their dog (except you) bearish. Do you still give the bulls the benifit of the doubt? In 6-8months do you think we will be closer to 1400 or 666? Would love to hear your thoughts. Also if woodshedder reads this wondering if he has ever done one of his studies on buying the spy when the vix closes over 40?