A look a the charts hereunder tells us there is lots of distribution (look at the volume candles - the white circles) and today felt like panic in that last half hour when everything was falling down. It feels like we are in for a bottom, but for now, the short-term trend is still down. Question: is this only a correction, or is a crash coming? Fundamentally speaking, with the end of QE and (hence?) the rise of the dollar, this could become more than a correction. As long as we don't see any -3%, -5% days, we're still ok.
Small caps, being the laggard for months now, managed to do a lot better today than other major indices. They lost only 0.45% where the others lost about 1.5% or more!
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