For any of you who thought every single trading day of my life was flawless and superb, let me say, today has stunk so far. I lost a fair chunk of cash on a long SSO position. I got into my index puts way too late. And I've gotten knocked out of about a dozen long positions. Yuck!
Bear though I am, even I am amazed how we keep going lower. Even some of the most bearish of the bearish folks that I read have been in agreement that we're at/near a bottom, but it seems that a floor simply cannot be found.
Looking at the SPY with Fibonacci extensions below, you can see we're in a bit of a no man's land.
If we get a real washout, there's still a long way to go. A different view, this time with the $SPX directly, suggests a bounce at about 941.43.
