The big boys may really be fighting the down tape for a reason. One look at the market indexes and you realize that the closing lows of each index was much higher than where they were at a certain point intraday on the day they bottomed. This is important in that many technical traders consider the closing price more significant technically than any intraday number.
That thought process means that the DJI basically needs to hold 12,000 or that the COMPQ needs to hold 2225. We are not far from that so fighting now instead of when the indexes get there may make more sense to someone.
While I am not an "invisible hand" conspiracy guy, I am also not naive enough to believe that trading floors don't talk to each other and telegraph their moves on purpose. What this means to me is that even though I have collared everything, the downside may be fairly limited if the market retests the closing lows today and it holds.
This is a slight change in thinking to the state of mind of where I was only an hour ago. I have been doing this a long time, but the emotional part of the process is now taking a toll.
I need to breathe.
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