This morning the Doors song, "This is the End," played in my head (YouTube link).
If you blinked you might have missed the "rally" or "rallies" that happened before the open and intra-day.
The way I think about trading these steep declines is to stay away. I would like to let a bottom to form, and then on the retest, go long. Short sharp rallies are bear market action. I have written in the past about two failed rallies and the third one taking hold. Today's action would count as #2 in my mind. The first was on the 800 point Monday plunge last week that got cut in half by the close. It generally doesn't pay to be the hero, though I might stick my big toe back into the trading pool on the next wave of selling.
No trading positions
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