Will Apple cave a quick $30-$50 or Google $150 in a panic or on some horrible news we don’t know or will the Financials bounce and relieve some of the pressure.
One of these things will likely happen next week.
I don’t feel like paying up for my favorite tech trends (Search, Apple, RIMM or GPS), since I have owned them forever already and just nibbled on a few again and I sure as hell won’t dip my toes in the financials save the SPYders (already long) or Goldman Sachs (not until $180ish).
Financials need to get to a level where they are cheap at this point otherwise we get this wimpy buying. I don’t hear of any massive buybacks at the banks, just massive writedowns so we could still go much lower.
The indexes are basically back to scratch on the year and many bonuses are disappearing. People are just mad at this point. Mad is stupid. Mad is a deer in the headlights about to get run over. Mad does not create bottoms, just losses. Mad is Vic , not VIX.
FEAR and GREED are better moods for making money in the stock market. I don’t feel it.