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The bad news is feeding on itself now. The market is
dropping on reruns of old news. It is dropping on a selling off of
assets for margin calls which creates more margin calls. I guess it
will feed on itself until it's full. :)) One thing we rarely
talk about is bear bubbles but they happen just as bull bubbles do and
this drop is approaching bubble status. There is not a lot of
selling off risk any more. They are selling everything and while we
haven't had that huge capitulation down day, it looks like capitulation
in every other way. I sold my puts on the qqq and spy today along
with my puts on AMX and I am now nearly all cash again. (Still
invested in CHK and a couple of Chinese micro caps). I may miss
part of the down move but it has moved down what can be justified with
the current news and status of the economy so I cleared positions.
Good luck to all the rest of the week.
Bob
other things point to a
bottom
the vix pierce the upper Bollinger band
the 10 day trin is at 20 day hi
and
most important
we have my most important indicator,
(the one that a few weeks ago gave the kiss of death ,If anyone
remembers,,) is now bullish!!
Ben
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