Just pointing it out. That's a lot of S&P points shaved off. At any rate those are the 2 things I will be watching today along with the vix to get a sense of how scared folks really are or becoming. I still think Monday is the real test not today
"Maybe the crowd is correct this time, it wouldn't be the 1st time."
I swear I don't mean this rhetorically, Nyner: when has the crowd ever been right? I don't even know if it's possible by definition. I think when I bet against the crowd and I'm wrong, it's not because the crowd was right, but because I was wrong about which side the crowd is really on.
My adhoc take right now is the crowd was complacent at the close Wednesday, and they're already swinging to the other extreme tonight, and if it stays this way to the open then I want to fade the open.
One other thing. It never feels that way, but after the gapdown this Dubai thing could be just another buy-the-news situation.
"apple check recent history and you'll find the S&P lots nearly 100 pts in 2 sessions not a year my friend"
It can happen for sure. I just think if you look back on when it happened, it was probably not advertised the night before with all these apocalyptic essays.
I admit it's complicated because of the sentiment situation going into this episode. VIX, Put/call, and II survey all at extremes. You know what my opinion of the market was, I wasn't subtle about it. But if we're really going down for the count, we wouldn't be already be surrounded by the End of Days crowd wearing the sandwich boards.
Looks like the market doesn't go straight up in defiance of reality every single day. What a shame, who would have thought?
Hopefully we have finally seen the highs for this fraud market.
"This reminds me of what people said couple of years ago in 2007 about one of the bear stearns hedge fund being collapsed... individually it might not break the market, but what is this start of? I think we all know what happened in fall of 2008."
You're talking about what played out over a year, and he's talking about what might play out over the day.
They can be totally unrelated.