In the perfect world, yesterday would have sold off a lot harder but they did do a good job of taking out a lot of the hot money (look at STXS, FLR, and CSIQ). Another down day (especially a large down day) will be very healthy.
Overall the market is oversold and is beginning to approach levels that have historically led to bounces.
Making You a Better Trader
To improve, you must continuously learn…
Ernie Chan is one of my favorite researchers and I always enjoy reading his work. I just completed his new book “Algorithmic Trading: Winning Strategies and Their Rationale” and highly recommend it. I immediately came up with strategy ideas which we are now testing and anyone reading this book will be able to do the same.