Monday, October 3, 2011
Waterfall
This is looking like October 2008 action. We had the biggest waterfall decline I've ever seen from October 6 to October 10. This one will be tame in comparison, but we are in day 2 of the waterfall decline. 1066 and 1036 are the levels to watch. 1095 support will likely fail. We should start seeing some panic once we break under SPX 1100 and test new lows for the year. Waiting to see the white of their eyes to try to pick the bottom.
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3 comments:
90+ points straight down..looking for a strong QUICK bounce v. shortly.
Also looking for Greece to default. Hurry up already!
Buy Yom Kippur
Greece default will be a golden buying opportunity if it happens during this downleg. I don't think it will that easy and we'll probably just have to try to catch the bottom based on how much fear there is out there. We're not there yet. We need to break 1100.
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