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nice action today. but what is the next target? another leg down, or a rebound? normally that kind of news would be a terrific buying opportunity. the day greece and portugal entered the eu, you knew there could be trouble. so that shouldn't be a big surprise.
since we reached more or less the mentioned 1220 area (think 1217 was high), I would take a neutral position for now. from a technical view it looks pretty bearish. from a fundamental view still very bullish.
who knows, maybe the fed has some interesting news on wednesday.
I've followed Jeff Clark's market view for some time and he seems pretty accurate with his market analysis ...... (post #16) ....... now, let's wait for our think tank to come up with some awesome reason why this correction occurred ..... oh, wait a second, they already did .... it is a trader error ...... wooooow ......
Of course it wasn't. That rumour started the rounds within 30 minutes of the crash, how would anyone have known by that time. In anycase it was reported to be Citigroup who made the error and they have denied it and investigations have also not found any such error or out of the ordenary trading.
Now the new excuse is 'computer glitch' and they are investigating what the glitch may have been. So it's now a computer glitch, but they don't know what glitch it was. Sounds like the 'glitch' of panicing robots to me. Or maybe it was a some just a bunch of fat cat bankers all shorting the hell out of the market while they knew it was vunerable.
It's just spin to try to put confidence into the market that the bubble didn't burst. 95% of traders know its spin, but it dosn't stop it from becoming the headline that the average person / investor sees on the news ' Computer Glitch Causes Crash', 'Dumb thumbs cause crash' etc etc.
