Question of the day...

Should we be down more today given the overnight carnage from Japan (-3%) and HK(-4%)?    To some, the action today may be a little disappointing since it was a perfect scenario before the beginning of the day to create a panic scenario.    The reason why we may be better off with some serious panic selling now is that there's a better likelihood a bottom can be formed after all the short term players get shaken out.    Instead, we had a so so open, a silly intraday rally but only to get crushed again at the end.    We didn't close as bad as some of the other markets but that's hardly anything to get excited about.   What's troubling to see here today is that there's absolutely no rush of buying even with some hint of a rally brewing.    Long players are still exiting the strength and it feels much of the intraday rally may be caused by short term flippers and shorts covering.    Of course, this is just all too analytical for anyone to take so we'll just stop right here.

The bottom line is that market didn't look like it's done going down nor it looked like it's in a process of bottoming after today.    There's still lack of any real tradable opportunities out there and it's still dangerous to venture into this market.    There's lots of fear in this market which is responsible for the lack of buying attempt.    Many traders don't think this correction is near the end so almost none of DJIM type of small caps get a bid from this sort of action.   Stocks like HMIN EDU TSL.. don't even seem to have a bottom in sight.   Where do we go from here can only be speculated one day at a time.   As of now, we just have to be patient and focused and very very disciplined.    It's much easier to lose money than to make money from trading to begin with and the probability of that just multiplies in this kind of market.