OK, end of “right speculation” streak, let’s see how many days in a row I could be wrong. If this does happen, then trend could be changed, so beware.
For a few reasons, I expect an up day tomorrow or at least up in the morning and ended with small red or green. However on a longer term (a few days or even weeks) the pullback isn’t over yet so maybe it’s not a good idea to buy dips here.
Here’s a simple count about tomorrow as today is a Major Distribution Day (or 90% down day, which means NYSE down volume / NYSE up volume > 9), by counting the dashed vertical lines we can see that 17 out of 26 (65%) times recently, a green day next day.
August 17, 2009 at 6:15 pm
August 17, 2009 at 6:15 pm
August 17, 2009 at 6:16 pm
August 17, 2009 at 6:24 pm
August 17, 2009 at 6:26 pm
August 17, 2009 at 6:26 pm
August 17, 2009 at 6:28 pm
August 17, 2009 at 6:38 pm
August 17, 2009 at 6:49 pm
August 17, 2009 at 7:01 pm
August 17, 2009 at 7:40 pm
August 17, 2009 at 7:47 pm
August 17, 2009 at 7:50 pm
August 17, 2009 at 10:15 pm
August 17, 2009 at 10:16 pm
August 17, 2009 at 10:38 pm
August 17, 2009 at 11:43 pm