Well, this morning I was speaking to a good friend of mine on skype, Matt. He was actually down on wall street back in 1987 and can remember the panic that day and he reminisced. Him and his clients went through a lot that week. OUCH.
As I woke I kept reading headlines about today being the 25th anniversary to the 1987 crash, and did not really take any notice. But the market did put in a nice red candle day, something we have not seen for some time.
Zooming back and looking at the S&P chart longer term, you can see the last month or so we have been jostling within a rectangle pattern. After the close today, we are now back down near the support.
This market is a 'DAYTRADERS Dream', and next week is going to be interesting.
I am of the opinion that we might be getting a little overdone to the downside especially after today's action and there might be a sweet spot for a short term swing long coming. Time will tell.
Have a great weekend :-)
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