Well the ugliness continues and I’m glad that I didn’t jump the gun yesterday and get long. You can see why I don’t like to (swing) trade during earnings season. Company X can release some news overnight that can just chop you to bits the next day. This earnings season is reminding me of summer 2002, which had some pretty wild swings of its own. (I was much smarter then and took a two week vacation out of the country.) It looks like the NASDAQ is in for a test of the bottom of that trend channel, which is around 1830 right now. The S&P and Dow are each around 1% away from their May lows. I expect all those critical levels to be tested early next week.
