Big Wednesday Wipeout! Bonzai Pipeline, Oahu
It’s just a big picture, but those are big waves! If you rode a wave successfully like that in markets Tuesday you were probably pretty pumped-up to try again Wednesday. But, wipe-outs happen.
Okay, enough metaphors. This was a pretty ugly day. I day-traded most of the day and was marveling at the low volume and choppiness until the last hour when “BAM!” - all hell broke loose.
This is what a bear market can do to you. If you were short Tuesday you suffered like our surfer friend with that countertrend rally. But, you had to expect that with markets oversold! Today it’s back to reality, or what passes for it “today”. Tomorrow we go at one more time. Wax your boards!
Volume remains heavy and breadth is as negative today as positive yesterday. [We have a village working on/over Yahoo. Maybe they’ll listen to us if not to MSFT.]