Today is a very negative session with a big gap down early morning. When I wake up this morning, I saw the ES was down 24 points. Gosh, that is too much. Yes, this is a news driven market. The Greece issue and MF financial bankcruptcy gave the market big down momentum.
With the big gap down, a lot of dip buyer came in, which give the market a nice bounce from the gap low untill 10:30Pm. After that, the market is in a range from 1215 to 1235. This indicates the bull and bear fighting each other closely. No one wins in today's session. I did not except the market would sell off so hard. What a joke is that almost everyone is very optimistic on last Thursday about the coming bull market. Now just after 2 session, the market looks huge different.
I subscribed email from some online guru about the market. He said his timing model triggered sell signal today and he started to short the market. Well, I do not think so. Yes, today is a very negative session with around 1000 stocks down 4 percent plus. But given the accumulation on October, the market will not die out so easily. There should be another counter trend rally to retest maybe 200MA. I manipulated my timing model to forcast for the future session. I get a feeling that there is another opportunity to buy in dip. If we see continuing sell off, the timing model should give me sell signal in about 8 sessions. At that time, it is good to short the market.
The market may bounce no later than Thursday. I will buy if market drop to 1210. Let us see.
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