There is no need for me to summarize today’s DOW -1000 move so I will move ahead to the point of the day.
Quick Update to the post on April 28 Special Edition: Here comes the red ink, correction begins.
I want to talk about my leading market indicator ( Sotheby’s BID)
As Quoted from April 28’s article.
Now lets take a look domestically at BID – Sotherby’s which as I mentioned on March 14th’s post is Part of my indicators arsenal. A move below 32 (20% drop from 39) would tell me to wipe the dust off my ammunition and a move under 22 (40+% drop) would just signal that Chaos is back and since this is a Leading indicator to me it would highly influence my positions.
What BID did today is move below 32 for most of the day so my ammunition is now dust free and waiting for the under 22 move if it comes.
Go to the link above to check the older chart (or click here) but here is the one updated today that shows you how BID bounced right on the trend-lines I had drawn a while back. Since it bounced at 28 that to me signals that there is still a chance for survival from this heart attack.
Here’s the chart and I will stop here for the day. Tomorrow there should be a textbook green day with more red on the way for next week. (Click to Enlarge)