Extremely interesting follow up day today. Seems yesterday’s candle stands and despite the technical damage incurred the floor planners are not taking any prisoners today.
This is the definition of an interesting floor looks for non-subs:
And this is the definition of creative floor planning for Zero subs:
Well, actually I’m cheating a little here. The V shape pattern is indeed extremely interesting but what I cannot show you is the actual floor action that was provided – that is on one of my more devious and proprietary indicators (sorry, can’t give it ALL away). But suffice to say that today at 10:31am EDT there was a very blatant and violent buy assault that produced this instant reversal.
I told all my Zero subs to stay the heck out – don’t trade the swings and don’t chase the tape. If you are a pro – well – that’s a different story and I’m sure you know what to do. The market is in panic mode and you will see plenty of volatility going forward. As I said yesterday – this market was hit by a truck yesterday and a new paint job won’t fix the underlying damage.
UPDATE 11:38am EDT: Do you guys remember Tuesday’s Dollar update? Especially subs may recall the Dollar chart I had posted:
I drew that line on Tuesday, mind you – and look where we went and halted. I’m however not sure that this is the extent of old bucky’s revenge – let me grab some breakfast and I will be back with an in depth look at the Dollar.