Not one thing Monday defused the ticking time bomb set to go off on Wall Street. There's not much more I need to say.
If there's any pop Tuesday morning, laugh if you must, but by no means worry.
As the market comes fully unglued we need to start thinking about taking profits.
Best guess is sometime before the upcoming long weekend...
No matter how the first day of Q3 '08 unfolds, we want to see RSI remain below peaks set last Tuesday (6.24.08) and Wednesday (6.25.08). This would confirm the worst of the stock market's decline is at the doorstep. Today's sideways trade was a step in the right direction.
What else can I say?
Collapse appears imminent ... I mean, it's minutes away.
Look for RSI falling to its lowest level since the S&P 100 peaked on 5.19.08. This would confirm the long-anticipated capitulation has entered stage right.
Thank you and good night...
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