SPY - big candle + no support left
VIX - huge candle making new highs
NYMO - despite not thinking it was possible, we broke below to make new lows
- big 500+ pts loss
- news blame it on "liquidity problems" brought on by contagion in EU especially italy...started to Jean Claude Trichet's comments
- fell all day long and weak intraday rebounds failed everytime
- weakest sector was Energy with oil dropping big from global slowdown worries
- 99% of SPX declines
Today felt like Lehman days...crazy...and this time it feels like no matter what crooked FED chief or gov't plan is to be made, it feels that markets will still fall as the problem is bigger than just america. it is the entire continent of Europe. So what is to happen next? no support so we should just keep falling...but also hard to believe as markets have fallen so much lately..what is it 9 of 10 days? over 10% loss in 2 weeks time...wow...
only thing that might help is good jobs numbers but as these problems are bigger than just something like jobs, i feel we will fall lower..but i would also be worrisome of holding huge put positions as the market is SOOOO oversold...but as the last few days showed, oversold is not great for timing...
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