Worse than expected retail sales numbers caused the gap down today. Can bears run with this to 885? Well...they have their chance now. You can't take advantage of this move down unless you went short at the close yesterday. You could always short in the hole but I rarely do such thing given the possibility of a snap back to shake you out.
I have found that most of the downside moves in the market during the past several weeks have been right from the open....which is indicative of profit taking/wall of worry behavior. This doesn't mean things won't go lower in the weeks ahead but it tells you that there is underlying caution/skepticsm with investor psycology which is longer term positive.
I continue to do nothing here....sigh
Time to do some studying.
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