Stocks Mark Third Distribution Day in a Row; Nasty Sell-Off
September 5, 2008
Traders took down stocks yesterday as selling took over Wall Street Thursday. It came as no surprise to those who have been paying attention to price action as yesterday took the market back into correction mode. Whatever the reason for the sell off, more sellers than buyers we are simply selling off in higher trade. While CNBC and its followers try to figure out the “why” they’ll burn and churn their accounts into nothing. This market is atrocious but even more atrocious is the emerging markets. Shanghai was down another 3.3% over night continue its march towards 1500.00. We are in a global recession, global markets are contracting in the worse way and its best we simply stand aside and let the storm pass through.
Cash is king and will continue to be king until we washout and get real fear. With the VIX slightly above 24.00 its not signalling that this market is fearful of anything. Jim Cramer’s idiotic call of July 15th being the bottom is simply dangerous. This man is simply destroying the small investor urging them to buy beaten P.O.S. stocks. The all time greats would be either short or entirely in cash and wouldn’t be buying this tape. You buy a bullish tape, not bearish.
Enjoy your day!
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Stocks Mark Third Distribution Day in a Row; Nasty Sell-Off
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