A Bull market on its knees
Equities dived again and we saw one day which carried the bulls and than short sellers started hitting hard and drove the prices to the 200 day moving averages. All the indexes are sitting on it.
If we bounce here, market my have a run if we break down here there is no telling how low this will go. When looking at the charts I noticed we are making an inverted J type pattern. This is usually a bullish pattern and than the J pattern follows on the right side of the charts. We hit the 200 day moving average which is great. Lets see if it holds here. Here is a short video:
Most of the charts are damaged beyond repair and it will take months before they recover. We have been lucky closed PCLN, NFLX and other positions and have not lost money. Just this CMG position is at risk.
Basically there is always people who like to trade, but if you abide few days rest and when things come back trading is in our favor and odds are with us. Right now if you are short seller its great otherwise sitting on the sidelines is what most professional traders are doing.