About the only thing I feel certain about is that tomorrow will be an interesting day. Like you, I expect the final direction to be down. But I also expect some head fakes and jolts along the way... which could create some trading opportunities for anyone nimble enough. GLTA.
Thanks Lance. I was hoping to get the Debrief out yesterday but I was on the road all day. Just like the last Fed meeting annoucement when they said they were going to extend rates to 2013, the reaction should be wild and crazy for sure. We need to see some real capitulation I think before going higher here.
I don't think you will get a capitulation even if we go down to 1016. There will still be a bunch of bewildered bulls at that point running around talking about the past (aka look at how great corporate earnings are), and ignoring the simple truth that the lousy macro fundamentals ultimately trump everything else. There is no need to analyze a company's financials when you are faced with Europe imploding, a Fed that is basically out of ammo, and a US Government that is reenacting the same strategy that resulted in the Great Depression and a stock market that destroyed everybody who bought the dips for a couple of years. I'm looking forward to selling every rally from now until 0.