Again, the market is down again. The DOW off 200 point, NAZ off 37, and S&P off 23. But the whole action was totally different than yesterday. In the morning, the market rallied to +50 points in the Dow in the first 45 minutes. Then dropped to the low around 12:30 pm. Re-tested around 1 pm. It then started steadily up trend. Unfortunately, during the last half hour trade, it went down to the lowest point of the day.
During the afternoon period, I have been a dip buyer, loaded up with some QLD, SNDK, and AAPL, added some position for CMTL. Just a note that I unloaded all VSEA in the morning trade, since I felt it wouldn't make a new high in this market situation.
The funny thing is that around 2:30 pm, Cramer cried out that it should be the market bottom, and load up. Again, Carl Futia's S&P market support 146 was broken down as well. The S&P went down to 145.11.
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