Sitting at 7500, no one knows where to go with this thing. We haven't traded here, there's not playbook established for a trading range here. People were getting used to trading the 8000-10000 range finally and now that that's gone, it feels like the bullish hope that kept sparking rallies has faded away but I'm not sure how much force there is left to drive this down further either. Basically, it's a tricky entrance spot in my opinion, cashed out yesterday on a nice gain and will remain in cash until next week. The market movement just looks sad and confused and I can't bet a directional move until it gets its bearing again.
Get a pump twelve gauge so when your unemployed neighbors make a surprise visit you can deter them with just the sound of the pump action.
I doubt that things are going to get as bad as people are beginning to think. I can see the dow at 6k but doubt that it'll be there for long. Also, the rsi on the dow is near a buy point which I feel is below 25 (at 35 now). Under 25 we should be near a very fearful bottom and some great buys going long.
My only further advice, futures were way up last night and they seem to be a good indicator of what late day movement will be. Last couple days when futures were down, the market tanked later in the day even if it looked okay during the day. In other words, keep an eye on this one going into the afternoon because some form of rally may be expected from the futures action last night.