Today was the start of an intermediate term correction

Quote from EtfTraderLives:

Gap down tomorrow and sell off - big. You got two minutes to bail on your longs!
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That's one possibility but I think we'll open near unchanged with an attempt to rally but then it'll selloff throughout the day.
 
Quote from Landis82:

As I said earlier, the market is in a short-term pullback under the 1516 level with 1506 being a supportive area due to the 21-day MA.
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Ka-Ching!
 
Quote from EtfTraderLives:

Gap down tomorrow and sell off - big. You got two minutes to bail on your longs!
More...

I agree. I think bulls were suckers today to try and buy this dip. Face it, the DOW has blown its load, time to give some back to the bears.

A huge Chinese sell off tonight would be sweet especially Shanghai.
 
As I said before there was no compelling news at all that triggered the sell off today. It was just profit taking. There was a similar selloff a couple weeks ago and the market rebounded.

A lot of shorts want to turn it into something more but it isn't.
 
Quote from pumpanddumper:

I agree. I think bulls were suckers today to try and buy this dip. Face it, the DOW has blown its load, time to give some back to the bears.

A huge Chinese sell off tonight would be sweet especially Shanghai.
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So I was a few days off... Awesome selloff in Shanghai down 6% as I write.

Let's see what we can shed off the DOW on Wed. with a solid 150-200 pt. sell off that will just be a taste of the impending June Swoon. Buying this dip is for suckers and a nice trap set up.
 
Quote from pumpanddumper:

So I was a few days off... Awesome selloff in Shanghai down 6% as I write.

Let's see what we can shed off the DOW on Wed. with a solid 150-200 pt. sell off that will just be a taste of the impending June Swoon. Buying this dip is for suckers and a nice trap set up.
More...

150-200 point sell off doesn't sound too bad however it will only create a stronger bull market. I think the market takes a quick dip tomorrow morning and rallies into positive territory by mid day.

Just keep in mind GDP and job figures at the end of this week.
 
Quote from pumpanddumper:

So I was a few days off... Awesome selloff in Shanghai down 6% as I write.

Let's see what we can shed off the DOW on Wed. with a solid 150-200 pt. sell off that will just be a taste of the impending June Swoon. Buying this dip is for suckers and a nice trap set up.
More...

LOL your posts are funny. The selloff in Shanghai wont have much an affect in the American markets. Thats china's problem; not ours. The other asian indicies were only down .5-1%. There will be a great buying opp this morning when everything opens lower. The money guys will bid it back up.
 
Quote from pumpanddumper:
Buying this dip is for suckers and a nice trap set up.
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Like the previous 837 dips since 2003 were for suckers with all of them ending in the green :confused:

Fed minutes are out at 2pm. Hard to imagine the DJ down 200 points before the minutes are out, regardless of any China dip. If the fed minutes unexpectedly give off a very hawkish stance then yes, I would imagine it's not what some wanted to hear and they will take some money off the table.

Just as a reminder: Shanghai dropped 40% (!) in 2005, how big exactly was the long-term impact of that selloff on world stock markets then :confused:
 
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