Markets open very ugly on the heels of the big down day in China- the SPX -13, NAZ -29 and the DJIA -98.
Strongest sectors- bonds, junk, drugs and biotech while gaming, energy, oil service, emerging markets and semis lag.
NYSE- 2000 net losers.
NAZ- 1400 net losers.
NDX- 4 GREEN;
SPX 26 GREEN;
VIX- up 9% at 26.95.
TRIN- 2.69 with down volume about 20x the up.
RSI 2- at/near 10 on most major indexes and that is typically a signal to start scaling long in bull markets- and a bull market generally defined buy the slope of the major moving averages- all to the North.
So this fish is going to be scaling in to some longer term swing trades as the probabilities are with the longs for now-
What is actually surprising is that the dollar has barely moved- an expectation of a move higher - not happening.
Doug Kass with his top call.
Bove on the hysteria.
Is this a deep pocket for Madoff scandal.
Donald Duck buying THOR.
Finally, some late night battles.