To me it looks like we are finally entering into the selling climax of this leg down. This might be later today or early tomorrow. My heart goes out to those who tried to bottom pick and go long in this market but my warnings and messages were very clear.
Anyone who shorted with me at 4350 with me reading this? If so, leave a comment - I enjoy reading accounts of ppl who benefitted from my analysis and calls.
What next? Its very difficult to say - The events happening today are truly unprecedented - I am amazed at the way our markets are holding so far. I want to see a limit down day or two to feel more comfortable on the long side. Having said that, I also think that we are close to a selling climax. Will it happen today? I am not sure but there are good odds that it might. If so, I will look to close shorts in futures and buy some crash puts just in case we crash tomorrow. Overall I feel this is not a time to bottom pick. I amazed at the calls going around past 2 days advising ppl to bottom pick - Today they have their heads handed over to them. The credit market crisis or a bear market of this intensity is not something any one of us has seen. Why try to guess where the bottom is? To go long, the market will tell us when its time. And I will surely post here. A bounce is coming soon. I am not sure yet from which level but let us see.