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One of the ugliest days I have seen in years. So much selling as to make me think that we have lost many believers in the last 24 hours.
Which is what we needed, because any time it gets too easy, as it was for a couple of weeks, we bring in the reachers and the stretchers -- remember those analyst upgrades I mentioned the other day?
Now, though, the reason I said don't bottom-fish, the reason why I say let it come in, is because after a gain and selloff like this, we need to swing all the way to oversold, and that will take at least a week.
Given that we have the Memorial Day holiday coming up, it does not augur well for the short term.
We are down a lot; we can bounce tomorrow, but that bounce has to be sold.
Too much damage.
Let it come in until the oscillator measures at least minus four. How long will that take?
As of today, we aren't even negative yet.
Need the next three sessions before we could even get there ... unless we have back-to-back sessions like today. Then we will be there next Tuesday.
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