It is always amusing to see the end of the day gain or loss in the indexes, and how it sometimes hides the wild action of the day. Today was one of those days - we
gapped down (bearish), rallied from what appeared to be a test of support (bullish), gave that all up and tested new lows - 1260 (bearish), and then reversed and rallied to the highs of the day (bullish). For all that action and headache, it just took us back to right near where we closed yesterday. But it scared and/or emboldened traders multiple times, in completely different directions. Absolutely nuts - as they say in bear markets neither bulls nor bears have an easy time making money (the strongest rallies are usually contained within bear markets, but they are sudden and out of the blue).
Here is a 2 day chart
As I revisit my sales today, they all look
shrewd at 11 AM, wonderful at 1 PM as we started into the abyss, and putrid at 3 PM. Ah the market, she humbles us all - often on a daily basis. Today was one of those days - hopefully you had an easier time of it than me. Back at it tomorrow.
