Ouch! Nearly $7tn wiped off world stock mkt index MSCI World since the Feb correction.
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Very impressive bounce after the lows just before 4pm EST yesterday.
Looking at my hourly charts, the NQ low was 6786. It has now climbed all the way to 6923 as I write this, almost 2%!
ES low was 2652 and it is now 2686, an estimated 1.25% increase.
So, have we seen the worst and it's time to buy?
Or is it ore like catching falling knives in a futile and costly attempt to pick lows?
Significant technical damage was done during the past few trading sessions so it would take more than one day to repair it and restore the bullish tode to the market. First target is that well-watched 200ma and a VIX hourly seel. I still don't regard VIX 25 and VXX 39 as capitulation so my most likely scenario is repeated bounces within this down trend until SPX closes above the 200ma, a VIX spike above 30, VXX above 50, and extreme negative sentiment, that is, blood on the streets.
Those CHIP stocks have been slaughtered ! I am looking at likely candidates for my IT Portoflio. Not buying APPLE again, not buying any of the FANGs, maybe I will look at those POT sotcks that have also been taken to the woodshed.
I am also looking at QQQ calls (yeah, CALLS!) to profit from any year-end rally into January.