Wow, what an an illiquid violent market today, with big bid/ask spreads. The first 30 minutes had me feeling real good about today’s market, but it quickly dwindled away. The markets closed near their lows….looking like a setup for a another drop tomorrow. The only hope is that it finds a bottom and starts a climb….turnaround Tuesday? Wobbly Wednesday? Thoroughly-ugly Thursday? F’ked-up Friday?
Tuesday we have Existing Home Sales and Wednesday is New Home Sales. Thursday brings us the usual Jobless Claims and the biggie of the week is on Friday, GDP with a smattering of Consumer Sentiment.
Now here’s a hypothesis…..traders think that home sales, unemployment and GDP are going to suck, so they started the sell off today. So if any of those reports come in just a little bit better than expected, we just may have a bottom and a take-off to the upside. Well….it is possible. 
And remember…
Hoping or Wishing or Praying = exit position immediately!
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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