As the ship sinks the panic levels are increasing. Although I am uncomfortable being overweight short or long at this point I would expect a major panic low to set-in soon assuming the government doesn’t step in to rescue the market from itself. FYI – the market wants to go lower and needs no rescuing or government meddling. We need a panic low to create a base for any sort of sustained upside move. Until then it’s likely that the buyers will wait for lower prices.
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