A possible "Small W" put in intra-day, reflecting a retest of the January lows as well (the "Big W"). "Mad, Mad, Mad, Mad World" references aside, lots of "go long" signals triggering. Semi's are pulling hard too (+1.28%). Still a volatile world, but seems like downside risk may be setting up to mitigate for a trade here.
1:30PM CST UPDATE: Things have fallen apart a bit as we made a run up to the VWAP and were promptly rebuffed. Semi's are still in the green, but cumulative tick is largely negative. We'll see.
Blogs to Read: Looks I'm not the only one seeing long set ups evolving...
o Quantifiable Edges marks down to capitulation.
o Traderfeed sees possible leading price/ indicator divergences.
2:30PM CST UPDATE: Looks like the VIX is tagging 29.5... there is a crowd that would like to see it top 30 before they'll bite, but this is pretty darn close for a slow death day like this.
Kirk has some sobering thoughts. Makes a pretty good argument for timers and traders if you can get it right, which, of course, ain't easy.
Tuesday: New Home Sales
7 hours ago