Wow. The collapse continues. More than I expected. But the price shall have to rally at some point. But at this point, 2830 is about the reasonable re trace--at least initially. If the price re traces to that level, for risk management, it might make sense to exit all or most of my long positions there and re-assess at that point. I still believe 2850 to 2870 is possible--but, my theory, now shows 2830 as the reasonable target for profit-taking or risk management.
The SPX and the DOW are almost in 10% correction, my guess is that we will get there before bottoming out
^^ yeah, looks like both now flirting with dipping in the red YTD it's worth noting that correction territory for the SPX is 2646 i'll post up my indices correction table in here after the close today
I think the SPX and the DOW are probably pretty close to being in the red for the year now, but need to double check
Earnings after the close looking pretty good as of now, let's see if it will help the market tomorrow
alright! here we are as promised first, here is quick look at the indices on a wtd, mtd qtd, and ytd basis- all of the major indices are now in the red for the year for the exception of the nasdaq, which as bad as that has gotten hammered this month, is still holding onto the green for the year and finally, here is my indices correction table as of today's close. so we now have the nasdaq joining in with the small caps and transports in correction territory, with the SPX just a stones throw away. getting back to the small caps though, that's been hardest hit, and not really that far away from hitting bear market territory
I wonder if the small caps have ever hit the bear territory even if just briefly after March 2009 Can't really remember
yup! actually it did during the debt ceiling fiasco in 2011 in fact, i'm not sure if you guys even knew this, but the SPX did cross into bear territory on an "intraday" basis back in 2011, but a lot of market statisticians aren't even counting that as an official bear market because it did not happen on a "closing" basis the dj30 did not do it even on an intraday basis though although, the dow transports did hit bear territory during that 2011 correction. in fact, if my memory serves correctly i believe that pulled back about -30% off ATHs during that correction
PHLX Semiconductor Index is now also in bear market territory I think it could get worse tomorrow after the earnings from AMD
Thanks Cy Yeah I can't really remember if we were down more than 20% from the ATH back then although I can kinda remember the big pullback in 2011
I consider myself as a bull but I don't mind if we hit the bear market territory for the major indexes I really didn't feel like I wanted to add any long term position when the SPX was trading over 2.9K
amd got destroyed after hours, wow. its been a couple years since we felt this kind of overall selling pressure
