Puke Opening is Here
As the relentless selling pressure in stocks continues, my last few pieces talked about getting closer to at least a trading low, but not quite there yet. Even as stocks bounced back on Thursday, the tune was the same. I was waiting for that really ugly, panic driven opening where stocks saw there largest point decline of the correction. As I type this, the Dow looks to be down 400 points and this certainly qualifies as a “puke” opening.
While I hate to invoke 2008 because I absolutely do not think 2016 is like 2008, this kind of price action was also seen right into the MLK weekend with the first low coming immediately after. I think it’s possible the market will behave similarly.
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