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184 Posts.

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26/10/18

12:41

Post #: 36272973
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Originally posted by 1ronnie ↑

Today the market was savaged. And while I have been calling for the fall for some time, the pace and movements (both up and down) have been uncharacteristic of a typical crash you would expect. And still , no one is calling this a crash because by definition it is not.

But when the Dow fell 600 points overnight without a major reason and with little to attribute to (other than the risk factors everyone already know about) it suggest that there must be programme trading triggering the fall especially in the last hour of trading in the US. Dow futures tell us nothing- it can show 45points up now but it can turn around very fast the other way and snowball into an avalanche.

I don't know if this is the Big Kahuna I have been cautioning about- it doesn't feel like it and I hope it does not present itself so soon, but I was wrong footed with the position adding over the last few days. Cutting loss before it gets worse is what I do best - sure, there's regret like the BIT bounce from the morning low. But at least I know if the market falls further from here, I am now on the right side of trade.

The ASX 200 could easily lose another 8% if we see the Dow continue its slide past below 24k to perhaps 21-22k.

Tonight and tomorrow will be crucial to see the US market's direction. Take care!

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As they say Ronnie... A blind squirrel eventually finds an acorn.
You’ll get it right one day.
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