The sucker's rally fully played out today as the DOW tanked over 730pts today, along with yesterday's loss of about 200pts almost point for point completely erased Monday big sucker's rally that ran over all the people that thought the bottom had been reached with the SP 500 reaching 837 on Friday.
Well, what did you learn here? I told you on Saturday that there would be a sucker's rally to around 1050, and we got to 1067 (missed by 17pts), and so we dumped back to 903 and once the talking heads play this out on TV tonight, most of the people that didn't get out on Friday, held through the sucker's rally on Monday hoping they had weathered the worst.
I told you that you should be selling into the rally on Sunday so if you didn't then you got caught twice! We are going to head lower now that the rally didn't hold and the true capitulation is going to set in tonight and tomorrow's opening with a push down towards the 837 and below over the next 2 day. We could very well end up on Friday around SP 500 800, and at or below DOW 8000!
Remember, everyone can't call the bottom or it wouldn't be the bottom, duh!
OK. Remember where you heard about it and tell your friends to read along with you. The market's are completely confused and disillusioned with all the crap that the government intervention. It is going to take some time before investors get the nerve to rejoin the market since Main Street now firmly believes that the markets are rigged. This is bad for Wall Street.
More later after I have a time to analyze what happened today, but hold on to you shorts, we could go lower.
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