nasdaq joins in on the correction now off -10% from its ATH. this has now been the fastest -10% correction from an ATH for the SPX in history. as of yesterday's close it only took 9 trading days to go from an ATH to a correction.
Is it the fastest correction ever for the market? We seemed to go from nothing could go wrong for stocks to where we are right now super quickly
if markets were to close right here we'd be looking at about an -8% drop for the week in the SPX which is now greater than the -7.19% drop that we saw in the first week of aug. of 2011. so now we'd be looking at the worse weekly drop in the SPX since nov. 2008 ... the week of nov. 11th of 2008 it fell -8.39% however if we keep falling here then this would be the largest weekly drop since oct. 2008 ... not there yet!
I've been wanting this type of "correction" for some time. At these lofty heights, this type of collapse is necessary to have a meaningful long position. Of course, after this type of collapse, a lot of people want to exit. But, actually, my theory suggests that we are now in a healthy buy territory--relatively speaking.
worth noting that the DJ30 was already at the largest weekly decline since oct. '08 coming into today...so any red close will indeed be the worst week since oct. 2008
The trin just collapsed from 1.67 or so to 1.25 and the $TICK shows 800+: there are institutional traders are wanting to buy here
Yeah I agree. We went straight up and were way overbought, this type of correction is healthy for a longer run. Still don’t feel like this market is that cheap, not as expensive now for sure though
I enjoy this type of price action. It forces a person to test his or her theory or understanding of the markets--plus, it provides more meaningful long entry points
Right. Still feels overpriced. But, despite that, in a trading context, there are times like this where entering long makes sense. That's my point. That's one reason that I used the the term "relatively speaking" in my last post
Come to think of it, much of the market is about "excess." It goes too high for too long and, conversely, it goes too low for too long. It seems to defy logic for the average person. But for those who are somewhat experienced in the market, that's par for the course, I think
Definitely Really haven’t made any long term buy since our strong start this year, now at least I can have a shopping list for some longer term holds
Nice pop Looks like I got out of my long way too early Didn’t want to take a chance though and locked in a little bit of a profit since I couldn’t watch the market for awhile and it is volatile as hell right now
