Well, another day, another ugly chart.
This time, we ended almost exactly at the low of the day. That last hour was particularly painful. I've highlighted that the low of the day was just decimals off what had been the low of the day. No buyers to be found, and everything continuing down. We didn't get another "O" to appear, because for that we need to go and hold below 1240. However, we're not very far off that mark right now.
Under us here, there appears to be a support level at 1220-1224, which may or may not be the pause point. I actually think that will be a one or two day rebound point- 1220-1224, however, I still have absolutely no idea when the market is going to say "Enough!". We still are barely 25 on the VIX chart, so the gut says at l4east another day of bloodletting before we pause for a brief moment.
Now, let's talk about that pause ahead. It will come at some point. Two days ago we had a 1.7% bounce up, but then it came right back down again. I really don't see anything- any outside event yet- that will make the market capitulate. And the darn P&F chart keeps telling me everyday that the bottom is not expected until 1050 range. Although the last three days are forming some interesting patterns in my head. Lower low? Not this time. Look closely at the last three days, and we may be seeing a rounding of the bottom curve. It's not enough to say anything, other than to just note the shapes we are getting the last three days, and keeping vigilance for more data points on which to base decisions.
I really don't think it will hit all the way to 1050. And picking a bottom is a near impossibility. Picking wrong will be very costly. But so will not being ready to jump back in in the event we DO see a bottom form, and then being stuck out in "G" because we've used up our moves for the month.
Oh well.
I'll just sit back and watch.
And be ready and watching for the bottom.
Dang those TSP employees who limited trades for just such an occasion as what we are about to get. A pox on their Metro commuter trains
We're down over 14% on the S&P500 since Jan 1. And in a bear market like this, it is MUCH better to be off on the sidelines and waiting for the trend to change, than to be in at the wrong moment.
Reminds me of a sign. A reminder NOT to try and catch a blip up during a real live bear market, which it looks like we have in full bloom right now.
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I'm steering clear at least one more day.
You have to decide what you want to do.
After all, it's YOUR money.
EWWWWWWWWWWWWWWWW
