They did break the indexes topside and I'm looking for an entry point. The market jumped right over my stop limit entry order and hasn't come back in yet. We'll see if I can get an entry. I suspect we will still have another crack at it in the coming hour or so.
It's always interesting that the market has a habit of making a turn when the negativity or the enthusiasm becomes a bit too much. Of course, how much negativity is enough to force the turn is an open question but if you think back at just recent events like the London bombings these turns come at points where you would naturally think otherwise. The self fulfilling follow through generated from these gap down openings that come after continued declines is become common place in this era of investing. I wouldn't look for the same kind of follow through off the Katrina bounce that we got off of London though.
It's always interesting that the market has a habit of making a turn when the negativity or the enthusiasm becomes a bit too much. Of course, how much negativity is enough to force the turn is an open question but if you think back at just recent events like the London bombings these turns come at points where you would naturally think otherwise. The self fulfilling follow through generated from these gap down openings that come after continued declines is become common place in this era of investing. I wouldn't look for the same kind of follow through off the Katrina bounce that we got off of London though.
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