Dip buyers are still out there, still persisting. I would say that 80% of people are now calling for a bottom. And everyone is wise onto Cramer. Cramer saying “Sell” may be the one time he’s right and/or he means it. But by now everyone thinks he’s a contrary indicator so they’re out there, buying. Think of the potential irony here!
I didn’t feel the panic, by the way. Not because I wasn’t losing much today… just what I picked up from watching the boards/blogs. It wasn’t there. VIX is high, yes, but it’s probably somewhat distorted because of the “no shorting” rule.
Everyone was trying to time the bottom, making multiple attempts to buy for a bounce, getting stopped out, trying again. Kinda like what I did with SSO, but I stopped trying, and they’re still continuing to do it, even after hours.
We’ll have more vertical down days before op-ex. Take it to the bank (I intend to 🙂 )
Look for 102 on SPY tomorrow. Don’t know what time but we’ll be there.
Edited on Oct 7 @ 2:27pm: ha, I called it!