Another noteworthy development today was the low print in the StockTwits' General Sentiment indicator that I privately maintain, derived from in-house StockTwits data (Here's more info on how it is calculated). As of midnight last night, the indicator was at its lowest levels since I began tracking six months ago.
Each previous time we've pierced the 3.0 level, markets have bounced. Is this time different?
Cashtaggers are starting to point out 'oversold' indications, too.
That often signals a high probability of a short-term bounce. But no indicator is a sure bet. The growing nervousness in equities is also now spilling into the bond market as interest rates are breaking nearly year-long support:
Perhaps investors and traders have gotten far too focused on the near term, watching ticks and headlines and overreacting every which way? @TodayTrader (Stevie Gomez, for those in the know) with his tongue planted firmly in cheek suggests perhaps we should all just chill out and eat a sandwhich (I'm paraphrasing).
Follow me on StockTwits: @chicagosean
At the time of publication, the author held no positions in any of the stocks mentioned.
This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.