Well, we're halfway to a bear market in the week since my return to blogging so I guess you can say I jinxed the markets. *
Stocks really tried to get up off the mat today until a meaningful sell order hit the market in the afternoon and it just chewed up all of the liquidity in a heartbeat. Since, Columbus day is a quasi-holiday in the markets volume was abnormally light and the sell order did unusual damage.
My expectation is that the buyers will want to buy this dip pretty soon. Buying every dip has worked for 5 years and it's hard to break old habits. However, we've ripped through a BUNCH of key technical levels in 3 weeks time. The next real support for stocks is another 5% or so lower. I'm not forecasting that yet, but the technicals have led every move of this market for the past 2 months.
At this moment, things look up overseas and in the overnight futures, but it's a long way until tomorrow :)
Other news of note:
* Watch the stories coming out of N. Korea re: Kim Jong Un.
* The Ebola fear factor game is getting beyond ridiculous. Every cable news station covering every sick passenger at every airport is not helping to calm Americans who have become perpetually paranoid.
* Another conspiracy theory seems to have some legs - it appears that the Saudis are pushing down the price of oil on purpose (at someones reqUeSt). The Russians and Iranians may have something to say on this subject.
* On a related note, I gave up caring about my beloved Dallas Cowboys after 18 years of futility, so of course they start the season 5-1. I'm a pretty strong contrary indicator.