Sell off continues. Sitting on the longer term 382. Last line in the sand before a deeper correction. If the 382 fails looking we are looking at 12287 then 11800. A full measured move lines up with about 12150. Right now I think is less about selling and more about a lack of buyers. Whenever there is a deep sell off and the first bounce fails everybody drops their bids hoping for their fantasy price. No one is in a rush to get burned a second time.
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Small bounce so far. Its all about JPOW today. He speaks at Noon and what he says will either pump or dump the market. That and the job numbers. There continues to be problems in the overnight repo market in bonds. ie no liquidity. The Fed needs to show they can control the sell off in bonds otherwise things may get ugly.
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Jerome did not come through and it dumped. If it can reclaim the 382 there may be hope otherwise lower highs likely until there is a positive catalyst.
