I'd like to say that the relatively modest volume on the NYSE and Nasdaq today, not to mention the major ETFs, was a sign that the market's sell-off was an overreaction but I cannot. The only silver lining was, well, in silver, which went up a bit.
Price rules and the merely average volume today does not change that. Even worse, the tech ETF (XLK) broke below its short-term range. Alas, that was the last hope.
The market blew a great opportunity to reverse, if even for a little while, following Friday's unconfirmed reversal candles (see Friday's blog). In early afternoon, when prices started to edge up a bit and then failed, it became clear there was no dead cat to bounce.
Today's column looked for candidates to buy when things stabilize and certainly did not advocate buying anything now.