Snow coming Friday and no real interest in the NFL Playoffs. Going to be a long weekend.
How Can this Happen?
All the stock market indices closed......DOWN! I know, one would think a circuit breaker would be tripped or David Tepper would come out and tell us all will be well (he is scheduled for CNBC on Friday!).
I have to admit, I cannot remember a down day, not a real one anyway. Today was not even that bad, but it was red candles all over. As far as my holdings go, NFLX closed above my stop, but after hours looks like a sure trigger in the morning. Easy come easy go but I will still be up a bit. EW actually closed positive. I will update when I see what happens tomorrow.
What do I make of today's action? I saw at least 20 write ups already asking if this is "the top" or "the start of something bigger". I wish I knew of course. As of now I am of the mind that this was one off sell off and things should quiet down tomorrow. Chart wise nothing I was looking at got hurt too much, but tomorrow is another day. All I know is all the stuff that has been the same for a LONG time all of a sudden is getting discussed like it was new and something to worry about. Ok.
In a market where psychology is maybe worth 50-70% of a stocks movement over the last year and dent or fear is going to leave a mark. Those conditioned to "Buy the Fiing Dip" (BTFD) should be out in full force to get "beaten down" stocks which lost a whopping 1-3%. If they do not show up.....well I think you can imagine things will change at that point. Tomorrow will be worth watching.
Have a good night.