Big week last week with a new channel opening and the floor giving away below everyone in the market. In my previous post I had described how I expect the market to drop more on Monday and possibly Tuesday. To get an updated revised last minute forecast on this, 15 minutes before market open on Monday, check the futures for the Dow and Nasdaq. If they are way down, its almost certain we will have another bad day. Way up, then a good day. If just a bit down or a bit up, watch it there could be a reversal after the gap fade in the morning 1/2 hour after market open.
However, it is my opinion based on the candle charts that we are going to continue to bleed. I jumped on board this southbound train with a QQQ put at the end of last week.
Again: I do not feel that this is the big one, instead this is a fore-shock. I expect things to level out by Wed-Thurs with a tentative climb with everyone closely watching the board.
Well, thats it for today,
Stay Frosty,
Tradinginsider
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