Today's market action has all the hallmarks of a short-term panic.
On the chart, panics look like this: A gap at the open, and then an immediate significant retracement in the direction opposite the gap.
A lot of the bear-phase price-channel breakouts in today's Bear Watchlist looked like that: A gap down below the 55-day price channel, triggering bear phase, and then a retracement back above the lower channel line.
Dollars to donut, a lot of these are going to run afoul of the two-day rule and be off of the list by Friday.
(Unless the Japanese nuclear reactors really do blow, then of course, all bets are off.)
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