R.C. Market Report 09.17

• Market Trend: Down

• This market is providing plenty of action for traders. Just when you thought you might get a day of rest, the market gapped down in the morning (for the 5th straight day) and crashed down to register a 450pt loss. This is very exciting but also crazy! Today for the first time, it felt to me like we went beyond panic. It's not capitulation and hope still remains but it just felt a little more dire than at any other big loss days. I think we are nearing a short term bottom but it's definitely not the time to be bottom fishing. Whether you decide to swim like a salmon, or ride the bandwagon down, be sure to exercise fast trades. I find the daily chart to be too difficult to trade off of, which forced me to focus on 10minute chart today.
• Say NO to more regulations.