Last 2 days were brutal. The Dow dropped 200 points each day. Last Tuesday started with a flat session with very thin volume. But in the later session, sell off started. Yesterday, the morning session was lower open and went up higher. All indices were green before 2:30 pm. Right after 2:30 pm, a very strong sell off through closing. With each day 2% drop. People are fearful and scared.
I was buying during those 2 sessions and got buried in seconds. It was a very bad feeling. Anyway, the strong support at QQQQ should be at $45.5, SP at 1380. If both of those lines are broken, it would be very bad. We should see.
Some gurus in DQ are starting changing from short to long. If today is a reverse day, I will add position in the later session. If today continues, I will wait and see.
It proves that housing market should not be bottom yet. Guys in CNBC are talking about taking a few home builders and half of mortgage companies down.
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