Overall, though, it's nothing new. Just no good news, and the market needed capitulation to the down side. A lot of fund managers and traders are off on vacation this week and closing their books for now as Q2 nears a close, just my guess. So the robots take over in their algorithmic, predatory kind of way.
The past few weeks have been about light volume, no conviction and warning signs. Today, we have carnage.
I was up at 8:14 am Hawaii time and found the market in the red, both feet in. AAPL is finally below 260, my price target for a possible re-entry. Shares are at 257.64 (-3.97%). F is back below 10 (9.91 -4.99%). Jobs and housing declines are a bitch. C, which was saved by circuit breakers at 1pm Eastern, lost momentum and is at 3.79 (-5.25%) and GS (134.26 -1.76%) is sinking.
Even IMAX, that piddly, fickle issue, is at 14.65, lowest I've seen in months, despite huge ticket sales for Toy Story 3. BIDU is down 7.31% to 69.00. NFLX, not so bad, down "only" 2.88% to 114.22.
Meanwhile, VXX (30.13 +6.92%) and FAZ (16.62 +9.16%) are shredding the bulls. I'm still out of this madness and watching from the bleachers, but it's unfathomable to be long this market without hedging with some VXX and other assorted life vests. The ice was very, very thin.
FXI (39.49 -3.59%), FCX (61.39 -3.27%) and US Steel (X, 39.60 -4.69%) declining today as the US Dollar is up (UUP 25.05 +0.36%).
Euro is down slightly, but GLD (121.39 +0.25%) remains healthy.
The past few weeks have been about light volume, no conviction and warning signs. Today, we have carnage.
I was up at 8:14 am Hawaii time and found the market in the red, both feet in. AAPL is finally below 260, my price target for a possible re-entry. Shares are at 257.64 (-3.97%). F is back below 10 (9.91 -4.99%). Jobs and housing declines are a bitch. C, which was saved by circuit breakers at 1pm Eastern, lost momentum and is at 3.79 (-5.25%) and GS (134.26 -1.76%) is sinking.
Even IMAX, that piddly, fickle issue, is at 14.65, lowest I've seen in months, despite huge ticket sales for Toy Story 3. BIDU is down 7.31% to 69.00. NFLX, not so bad, down "only" 2.88% to 114.22.
Meanwhile, VXX (30.13 +6.92%) and FAZ (16.62 +9.16%) are shredding the bulls. I'm still out of this madness and watching from the bleachers, but it's unfathomable to be long this market without hedging with some VXX and other assorted life vests. The ice was very, very thin.
FXI (39.49 -3.59%), FCX (61.39 -3.27%) and US Steel (X, 39.60 -4.69%) declining today as the US Dollar is up (UUP 25.05 +0.36%).
Euro is down slightly, but GLD (121.39 +0.25%) remains healthy.
No comments:
Post a Comment