Dang..you almost called the number. ..and we aren’t done yet.
low 273.50 so far.
very Good call.
#1 - don't listen to Trump (sorry). He was just traying to stave off panic. Too many people did when he said "Stock market looking very good to me!" on the 24th. For the record, that was 3900 points ago on the DOW. Well - the market doesn't listen to those sorts of tweets. They obey market forces. In crashes, corrections and dips, they like to return to moving averages. I have found (by listening to people a lot smarter than me) that those levels are the 20, 50 and 200 moving average on the daily, weekly and monthly charts. Right now the weekly 20 and the weekly 50 are sitting right about the same level - around 263-265. I suspect that is the last line of defense for bulls. If we breach that line - we head south for a long time.
And for the record - I actually went bullish this morning for a little while after the first half. I reversed some of my very short term positions. During the halt, the yen futures (/6J) was still trading. Well - about 10 minutes into the halt I noticed they tanked MASSIVELY. I figured that was a sign the FED did SOMETHING and that the market was going to reverse short term at least upon re-opening. SO - I went long on some crude oil contracts from 8:45 - 9. Worked out well to say the least.