These charts look absolutely horrible and paint a very bearish picture. I would advise against trying to pick up any longs up this time as this market could really gain momentum to the downside. I’m sure many are hoping for a bounce (including myself) to short more and that logic will probably work against the masses. It would not surprise me to see us down another 200 points on the Dow tomorrow. I’m sure Christian is doing a happy dance after today’s bull slaughterfest and feeling very good about his bearish stance over the last month. I myself would rather take advantage of the up move and the down move and save myself the pain of holding shorts when the market was rising.
AMAT could be a stock to that has more downside to go. I’ll be watching it for opportunities to short intraday in the coming days.
