Markets plunge on Fed speak
MARKET UPDATE posted 06/20/13
Whew! What a drop today. Lately we were were so bullish that we forgot the nastiness and brutality of trading and today it showed up once again. If you held any long positions today , you would have taken losses or your gains evaporated in thin air in this sell off. This is the kind of cruelty the market can bestow on you anytime. Never forget the brutality of trading we saw today, it should be remembered as cornerstone of lessons learned and how to protect your positions in the future.
I have been though the 2008 markets and I have seen it all. This was not a big deal. But it hurt..
They never kill their Golden Goose and the market will come back sooner than later, but what happens in meanwhile ? Most people give in and take losses only to see the indexes or stocks zoom past their previous positions to the upside. Its a game, in an area, completely manipulated. The selling scares most people, and if you given in and yeild at any point, when your positions are hit, its over for you.
Today’s selling was well choreographed and consistent it went on and on without any breaks.
Though the market is oversold, the selling has not stopped yet in my opinion. The damage to the charts is evident though, all major indexes are below their 50 day averages tonight and that could start another round of selling next week. We just have to see how this folds on Friday.