Stocks were weak all day, but then turned decidedly south in the last hour of trading.
I posted the Year-To-Date stock market performance earlier today here. Jim Rickards also made a 'crash call' yesterday and I note it in this post. Marc Faber is pretty much there as well. His video is worth seeing.
I am a bit cynical, considering that there is a stock option expiration on Friday. We'll see more selling overnight most likely, and perhaps some follow through tomorrow. The NDX and SP500 futures charts don't have much room to go lower and stick a close without some technical damage. And the 200 DMA on the cash SP 500 is now shot to hell.
Let's see if the bots and the Fed can manage to turn things around later this week, and make for a happy options expiration having cleaned out the bulls, and then whipsaw the put buyers.
There will be more economic news later this week, and also earnings reports.
But as I said the markets are skittish.
Someone sent me a message last week with a link to some stock advisor who dismissed my cautions about an exceptionally edgy stock market, telling his followers to stay fully invested. After all, I am just a 'metalhead.' Well, how did you like that VIX today? As Dr. Phil says, how's that working out for you?
I am keeping an open mind for now. This is still a very technical market. No crash calls here, yet.
But I own no stocks, just gold exposure. I am laying off silver until it figures out how to get out of its own way. As always, none of these comments touch upon my long term investments which are just 'there.'
Protect yourselves.
Have a pleasant evening.
