Today, I think the market got just about everyone's attention. We are now officially in a correction and took less than 2 trading weeks to get there. Most of that damage was done over 3 of those trading days, with the worst being today.
The Dow dropped 500 points, while the Nasdaq and S&P 500 dove 5.08% and 4.78% respectively. Our S fund, which tracks the Wilshire 4500 was clobbered by an eye popping 6.16%, but the worst performance of
Updated 08-05-2011 at 04:39 AM by coolhand
TSP Talk Sentiment Survey results for the week of 8/08/11- 08/12/11 Buy: The TSP Talk Sentiment Survey came in at 33% bulls, 58% bears, for a bulls to bears ratio of 0.57 to 1. That is another buy signal so the system's allocation remains 100% S-Fund the week of 08/08/11 - 08/12/11. Bull market rules are in affect since 9/27/10: See latest survey results To discuss or comment on the Sentiment Survey, go to Sentiment Survey Talk
I am still trying to have some kind of vacation this week but the market action makes that a little difficult. After the 500+ point loss yesterday we are seeing extremes in the indices everywhere and we are certainly due for a rally, but when and how much damage comes first is an unknown.
So what are the pros saying? Since I am on vacation, I am going to borrow RevShark's Afternoon Commentary from yesterday. It will give you
Not really, but I am trying to take some time off this week with some family in from out of town.
We saw a nice intra-day reversal yesterday as the Dow closed up about 30-points after seeing some deep losses earlier. That's good but the market was so oversold that a rally was not a surprise. The question is going to be, should investors sell any rally or are we forming a bottom to this correction?
I saw that one
The market didn't gap lower at the open this morning, but it sure didn't take long before another steep decline took hold to take the broader market down well over 1% in the first hour of trading. The S&P 500 fell as low as 1234.56 before sharply reversing those losses in large measure over the following hour. It continued to look dicey for the bulls for another couple of hours, but eventually stocks chopped their way back to the neutral line before staging