Wash Out

Liquidation continues this am with the first signs of a washout or the 'keep the cheese let me out of the trap' reasoning posted recently. The bear has had approx a two hundred point break in the SP500 to capture and they can take the rest of the quarter off. The recovery day off the low will be rapid when it occurs but beyond that, the early stages of the bottom will be filled with downside headfakes. The various reasons for the break really do not matter, rather it is the internal make up of the price range and the opportunities available which should concern the trader. The bears are in charge but are now as unsure as the bull about where the bottom will appear. Few will see it and even fewer will buy it.