I was hoping for a clean break lower after the initial incline, in order to buy more. Instead, we have a milquetoast flat consolidation day after a fucking meltdown. This is not exactly what I wanted to see. I’m afraid that if we do not flush out today, we can and will flush out tomorrow.
Two scenarios work for me.
1. Nasdaq regains balance and gaps up 75 points from here.
2. Nasdaq flushes out and loses 75 points from here.
A flat close makes me want to raise more cash.
It should be worth noting, it’s entirely possible nothing too spectacular is on the horizon, just more hemming and hawing as summer winds down. I would not anticipate anything too large on the upside or downside during August.
That being said, positions should still be watched closely and 10% stop obeyed.If you enjoy the content at iBankCoin, please follow us on Twitter