Market summary

Markets sold off very hard with very strong downward internals too. The bulls have lost the ball control now and its bears turn. Lets see how far bears run with the ball. We decidedly closed below some major supports across the indexes. QQQQ closed below the previous breakout level, Dow jones below 50 dma while SPY below 200 and 50 dma. Sector wise no sector was able to stay green today and materials/commodities took the brunt of decline while utils were the strongest among all.
Personally I missed few shorts at open and I sat all day long doing nothing. Later in day I bought MAPP and BMI which were showing strength in the broader markets. I think now we are a little oversold and we will consolidate here for few days before moving further. That might help the longs I bough today to go higher may be. I don't have any shorts as most of my short list is already down 6-8% today and I would wait for consolidation/pullback on them to short it. If anything pops up I will post on twitter.

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