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).
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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.