Chat room traffic got very subdued last week as it seemed as if everyone was hunkered down and not trying to analyze the charts. Over the past few days, traffic has ballooned. Why? Everyone is setting targets and putting out Fibonacci levels. They look for past precedent. The number of new lows is spiking! The downside objective is....! We're oversold! Obama! Geithner! Tea Party! Gang of six!
Well, I prefer the Gang of Four, a post punk British band in the 70s.
The point is I actually stopped reading the slew of emails I get all day long as nobody, not even my favorite and most respected colleagues, can put short-term structure on a market crash.
There, I said the "C" word.