R.C. Market Report 10.07

• Market Trend: Downtrend

• Finally we got the day that we needed to reach a bottom! Yesterday's rally was indeed premature and today, those longs were wiped out. Volume lessened slightly and the VIX didn't rise as much as the price decline would suggest. Tomorrow has a huge potential of offering the best buying opportunity for the rest of this year. I couldn't hide my excitement just thinking about it. If you had been shorting this market recently, today was a good time to take profit on most if not all. Carefully watch the open tomorrow (a gap down open would be beautiful) and get ready to put your sidelined cash to work.