To answer the question above, I believe it is time to start looking for a tradable short-term bottom towards the latter half of today or possibly Tuesday. I say tradable, because this would indeed be for a trade. Hope you have some fire power left!
1:25PM CST UPDATE: Tick is still very negative, watch out for the possibility of some risk reduction ahead of the long weekend at the close. So far we seem to be holding at S1 and have been fairly trendless since late morning.
Interestingly, the Transports and Semis's are still doing great. Financials (edit: struck Energy) are holding us back. I'd like to poke around analyst valuation models for the Financials... how much lower can they go? The VIX hit a high of 29.3 earlier today. A little higher would have been nice, not that I'm hoping for more pain here.
2:50PM CST UPDATE: Tick has been trying to turn the corner. See if we can break the VWAP... Sellers looking exhausted. (!!What, is Pisani reading this blog!! -- Don't worry, I'm not that much of a narcissist.)
HAVE A RESTFUL LONG WEEKEND!
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