The 2001 Blues?
A funny thing happened to me over the weekend, I listened to some traders and analysts talking about how the equity markets were poised for a major rally, and how this is the best buying opportunity in the last 15 years, blah blah blah.
Well, as a trader that is short-term in nature, I know this much — when they all talk one way, look for the other way.
Selling is most aggressive this morning, particularly in the NDH which is off 7% — the SPH is only off 2%. Institutions came in hitting bids on the open, and from there it was look out below, especially once the DJIA turned lower.
Most of my downside objectives were met this morning, but a few remain. First, in the SPH, 1302 is the limit-down price. I think we have a good chance to trade this and settle below it. If this happens, look for a busy end of the week and more downside — possibly 1250.