FORGET TRADING NOW

Jimmy talking today some tech nonsense as he says he hears some trading desks say to switch out of wireless and into PC stocks. Sounds like a home run trade from here; he totally ignores his favorite Venezuelan gold stock, KRY. I guess that is one where he can't tell folks to sell as there will be no bids.

Looks like another day where we close at or near the lows and the oversold conditions become more and more meaningless as the relentless downtrend continues. The down/up volume is running at almost 10/1 to the downside but that has been meaningless. The VIX has traded up to 21 and is now 20% above its 10 day SMA and that has also been meaningless. As long as these markets trade under the 200 day SMA, I will continue to stand aside and wait for better opportunities on anything but a quick day trade.