26.02.2020 21:00 ET
Yeah, this market when freaking downtown today.
It had a little bit of everything for everyone. The futures were bearish last night, bullish this morning and then the open was “hell yeah, we’ve beaten the zombies” kind of World War Z type of feeling to it.
Then reality hit.
An intraday high volume reversal.
If this repeats at least one more time in the next 3-7 trading days, in this writer’s opinion it is game over. The bear market will accelerate and oversold will only become more oversold The days of the talking heads promoting “buy, buy, buy” will be over. And S&P 2150 becomes a realistic retest possibility if the powers that be are wrong about the outbreak.
Intraday reversals in bull and bear markets are not unusual. One where the market hits the breaks and reverses over 500 Dow points are. This could be ferociously ugly before anyone realizes what hits their 401K.