Well, I said it would hurt! All my stock longs were crushed. The only redeeming action I took was hedge scalping with the ES. They were counter-trend plays scalping 3 to 5 ticks at a time. But all I came up with was a breakeven for the day. Success!
QQQQ now down 8 straight days. Only 3 times in QQQQ history has it been down 8 in a row, so we should see some relief. Circuits were tested — Circuit Breaker Kicks in, Stopping Trades of Citigroup and other financials weren’t any better: Financials take hit.
So the rest of the week will tell us if we have bottomed or just entering a new bear. It will come down to jobs, jobs, jobs. And remember, after Monday and Tuesday even the calendar says W T F . . .
Sometimes, entranced by the screens, watching equities, options and futures change colors, charts moving in a wave, and indicators pointing in every direction, I just have to scream....
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