Wednesday, September 21, 2011

good grief ...

wow ... tough day in the market.  the day was gnerally trendless and boring until the FOMC speech and the market just tanked from there ... lost roughly 3% in the last 1.5 hour.

well, yesterday if you read in my blog you noted that one of my most reliable proprietary indicators came back with a huge bearish slap in the face.  sometimes this indicator takes a few days to develop, but in this case it played out the very next day.

I wish I had some bullish information to tell you, but my intraday and closing analysis just found a whole lot of garbage unfortunately.

Tomorrow will be very telling whether we are to continue down OR if we can hold are most recent bottom.  We are certainly once again at the bottom of the channel.  If we break the channel tomorrow, I hate to say it, but assume we will see another 8-10% drop minimum.  If we can hold it once again, we might save that agony for another day.

Hope you have a great evening, wish I had better news to give.

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