Friday, August 5, 2011

Wow, that Did Not Last Long

A straight dump from the opening gap up.  From about +1.2% to -0.5% in minutes.  For now its a market mostly to watch as that sort of action is dangerous.  As I said I would have preferred a gap down to create some sort of wash out and at least a short term rally.... maybe we will still get it but it's stomach churning for now.

As mentioned yesterday the Nov 2010 lows of 1175ish is an area I'll be interested in watching closely.  At this pace we might get there soon.

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