I think everyone needs to set the emotion about the market aside for a moment. I saw a post the other day, that I think was by vrudny that said we are now in a bear market. That is complete nonsense, look at a weekly S&P chart if you need convincing. Will it become one, who knows, but it is not one at this point, we have not even retraced 10% from the highs. There are sectors that are in bear markets, but the market as a whole is not.
Typically wide range bars with closes right on the low are actually slightly bullish for the next day by pattern testing. As a result, the stage is not set for a meltdown today, even though anything can happen. I think we move sideways to slighly down for about 2 weeks, then head back up to new highs before year end. If the commercials shift out of their heavy long position, I will change my stance on this.
