Well That Was Ugly

I won’t paint my usual optimistic view of the market.  Today’s breakdown now makes losing the important major lows of 2002-2003, within the bears reach.  The intraday low for that period was 768, with a closing low of 775.  The only positive the market had today was a p/c ratio around 1.4, and equity p/c ratio near 1.1 most of the day.  That’s only one small piece of the puzzle though.  The rest of the pieces have been shaken to the floor by the bears it seems.

The breakdown in financials today was preceeded by the breakout chart of SKF.  I mentioned it’s move above the downtrend the other night.  SDS is another inverse ETF that’s broken to the upside, and capitalizing on the market’s pain.  We may just trade down into options expiration.