Simply put, the inmates are in charge of the asylum or so it would seem.
A brief review of basic turn dates, Fibonacci and otherwise, leads me to conclude, that this craziness will carry on for a bit, reminiscent of past tops, where its "BREAD and CIRCUSES". Just like the craziness of the "quid pro quo" of foreign Central Banks buying US Treas Securities at our auctions. Kinda like the old "POLISH AXIOM" 'They pretend to pay us, so we pretend to work'. Not much different than the worlds Central Banks buying each other's country's Treasury Debt. You buy mine, I buy yours,and no one is the smarter, eh? Wink ! So they buy our debt with their DIGI-Money, and we buy theirs with our DIGI-Money, and not an honest cent changes hands
Keep your eye on Mr NASTY, keep your eye on the volumes, moving averages preferably,say 10 & 20 day averages. Compare the OEX stocks with the Russell small caps, that oughta tell the story.
You can play long if you like, as long as you keep the above in mind. GOLD?
This is NOT good for gold YET. HONEST money is hanging back, hiding. Therefore, physical is the way to go, also CEF, beyond that,its the merit of the individual stocks, and as you know, miners melt down with the market so be aware.
Last Long Pop Pick I liked today is SAKS 5th AVE, SKS. Might be fun, cant tell.
I like it under $4.50,and a stop in the high three's or just under $4.00. Wont try
to predict where it could go, yet. Nat Gas remains on my mind for longs.