You may recall my blog in June:The rug is getting more slippery!
Well the bulls kept carnival live for a few more weeks before the rug-pull event finally came. Then within two weeks, the bulls' mood has changed 180 degree, from extremely euphoric to drastically depressed. While I think we will see more pain in the weeks ahead, the sudden drastic mood shift to the downside has pushed the market to the extreme oversold state for the very near term.
Here is what I'm seeing and thinking.
If you watch the market carefully, for nearly all of the trading days this week we have seen the nasty final hour selloff, even when the market had some good run earlier in the day. But today we see the behavioral change that the market has met with quite a strong buying pressure during the final hour and has virtually recouped all the initial loss by closing.
THIS IS REALLY BULLISH in my book!
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