Into a bloody final hour, note that eBay is once again a major breakdown candidate, especially below $50. I had success shorting this one back in May/June. And the recent bounce looks to be rolling over again. My sense is that another breach will be quite bearish.
Next, the gold miner ETF continues to struggle with overhead supply, a key technical concept I have discussed previously.
Finally, the utilities are showing some relative strength today. The bear flag I charted yesterday did not forcefully resolve lower, as buyers are trying to put up a fight. Perhaps this is a sign of a further rally in Treasuries and sinking rates.
Stay turned for my video market recap after the bell for a full discussion.
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Sign of the times ; the post Kerry announcement sell off is now , on a percentage basis , equivalent to the Cuban missle crisis . We trade in interesting and incredibly stupid times .
Very interesting comparison to the Cuban missile crisis sell-off.
What followed in the weeks or months after?
The same thing that always happens ; markets bounce strongly after crisis . In the Cuban missle crisis the market rose 40% the next 12 months .
Wow. Interesting observation. Thanks.
Thanks, OSU.
Yes. I’m looking all over the tape today, and It feels strange. Yesterday was clearly money pulling out of the market – period. Today was like 30% of the traders just stayed home, globally. I’ll be curious to see what the overall volume looks like.
I saw some upticks in sell volume on various ETF’s
this is great:
http://www.youtube.com/watch?v=qidWi7cRYWk
Haha I posted it last night!
Chess, In times of trouble and stress, I look to your sober advice. These markets and indices are tenuous, at best. You’ve been making that point for weeks.
Thank you, Dale. Respect.