For Thursday February 8, 2018 3:00 PM Pacific.
DOW - 1033 on 2283 net declines
NASDAQ COMP - 275 on 2080 net declines
SHORT TERM TREND Bullish
INTERMEDIATE TERM Bullish
STOCKS: On Tuesday I said that we would probably get at least a partial retest of the lows. Well, this was more than a retest. Most important indices closed under the previous closing lows and intraday lows. The Dow and Russell 2000 were exceptions, but not by much.
Was there any good news? Actually yes. The put call ratio finally expanded to 1.15 showing that option buyers are finally getting scared. Also, we're starting to hear bear market talk after so many market commentators were advising buying into the decline. In other words, sentiment is starting to come around.
Also, our traders have managed to largely avoid this drop. The SSO is down 8.29 for the year. Traders are up 6.85. We'll discuss more about our short term posture on tomorrow's update.
GOLD: Gold bounced $6. We still are getting higher rates and a higher dollar. Looks like a bounce within a downtrend.
CHART: Help may be on the way. We're seeing panic volume for the ETF of the NASDAQ 100, QQQ. These volume spikes tend to come at multi week lows.
BOTTOM LINE: (Trading)