It was going pretty good in the morning, and exactly reaching 676, bounced around 670 until 666 could not hold. The selling at the close seemed a bit excessive but that was reflective of the market sentiment. Now the rising VXO was indicative of more selling to come, a slight rebound perhaps but pay attention to 670, 663 and 651.
2c
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We made a new low on spx, and we had a 8 day downs with a couple of 1 day up intervals. If we open lower tomorrow, and turn up, we may temp. exhaust the trend. I will not short from here, if I am not already in short position. There will be better short opportunity later. Turn around Tue. could be the day for a reversal.
p
Ya, that is why it is important to watch those numbers. It has to remain above 663 and in order to turn, above 670. A few guru predicted this week an up week and will see.
2c
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