My blog has my most current view. I do agree that the price action is just awful. More or less I think we will get a bounce here, we are extremely oversold here, that probably fails to make new highs, and that is where my timing model will generate the exit. If you go back in the archives, you will see that I predicted a significant decline starting at the beg of August or thereabouts, so I was about a week off.
However, the commercials are still heavily long, which I did not anticipate when I made that prediction so long ago. As a result, I delayed that call as we approached the date, and as we now know, that was a mistake. They are not normally heavily long in August ( this is displayed on the blog chart), so that may delay the drop off. I am watching closely, make no mistake about it.
The overnight globex action improved a great deal from when some of these posts were made, so the open was not that bad. We are llooking at a short term buy spot right here, but it will not be long in duration, perhaps a few weeks.
