We had a follow through day to the downside. It is hard to short right now as we have fallen two days and are sitting at some major support, as well as tendency for tops to form over time rather than in a day or two. I do expect a bounce, and then possibly a further sell off.
Apple continues it’s weakness today – no trade there.
Google is holding up well, stilling holding key levels.
Amazon is flirting with a major support level.
Banks sold off more to some key levels. I would watch them for clues on the market bounce (if any), as well as the homebuilders.
I think you need to be focusing on the strong, and not trying to pick bottoms. Some of the relative strength names out there right now are: $GMCR, $WFC, $JCP – at least for the day. I will be happy to short the market when the short presents itself, I am also stalking $GLD for s short after a feeble bounce.
That’s it for now. I need to get back to studying. Have a good night.