This is pretty much exactly how you did not want to see today play out if you are a bull. The NASDAQ went to contract high, puttered out and stalled, and is now nose diving lower. This is what I was cautioning of yesterday.
I have seen swing-sized failed auctions set up days weeks of downward/violent chop-type price action.
Might as well call it a year, bulls, and come back in January.
UPDATE: The PHLX Semiconductor index, after weeks of strength, is printing an ugly outside day after making new swing high:
If you like this kind of analysis, follow me on Twitter:
If you enjoy the content at iBankCoin, please follow us on TwitterI'm not fading this one, it's all you guys. I'll wait until someone pushes the risk on button again. This is as nasty as it gets
— Raul (@IndexModel) December 2, 2015
Picture game on point
You worry to much .The jobs report is
going to just kill and all will be good
unless good is bad and bad is good
O never mind