We built up a wall of complacency over the past several weeks. Talks of end of year rally, chase for performance, cheap valuations, etc. were used to hype up stocks. It was all hype. This is not your 2010 market. The market spent its bullets in October, and its out of ammo in November.
No one wants to be long as the markets are in a downtrend ahead of the Thanksgiving. Look for the sheep to bail this week as the market tests lower lows. I will be looking to enter long positions on Wedneday if we can get one more whack lower.
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2 comments:
No Fed to rescue... sell off to continue
That big whack should arrive either tomorrow or Friday.
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