Who let them out?
Incredible action today, all to the downside...except for bonds. This brutal bear market marches on, taking timid bulls along with it. VIX climbed smartly and the breadth was really lousy, and we could see some continuation. The lows are in striking distance...yes, they are about 10% away from here, but after today's rout it seems like a foregone conclusion. End of the year tax selling is certainly a theme we'll see for the remainder of the year, and perhaps even down to new lows.
Great comeback for our plays today, let's try and harvest some profits on the next move down.
Hit em straight!
Bagger
