I think we’re about one bad day away from a real good buying opportunity.
The Nasdaq and S&P both closed below their previous closing lows for the year. Both are also real close to their Jan 22-23 intraday lows.
The Volatility Index made a decent move up today but still not to capitulation levels.
If we can get an ugly Jobs Report tomorrow morning leading to a gap down open and a spike in the VIX, that would make an excellent entry point for some trades.
That’s what I’m hoping for – along with a bunch of other traders.
Whether it actually happens is another story.