Pretty classic retail psychology here. Don't get me wrong - I've...

Pretty classic retail psychology here. Don't get me wrong - I've sold my fair share of bottoms only to miss a sharp reversal the next day or week and felt angry at the market. I think a few people here would really benefit from watching some Mark Douglas seminars.

This remains a good looking chart. Volume profile for the up days vs the down days is encouraging. Lengthy consolidation and it's held up well against a tough market regime over the whole year.

If you're a buy and hold investor and feeling uncomfortable then your position size is too large and you should research appropriate buy points. As a disciplined position trader you'd be anticipating the breakout from the base. Mean reversion strategies would be doing well in both directions from just looking at it too.

US congress has decided to extend the debt ceiling so that should lend some relief for a bit - any small rallys could very well get sold into though. Fed has started to signal their plans moving forward too and markets like certainty and will adjust to the outlook quickly. This could already be priced in. An actual company event could change everything too ofcourse.