“SSDD.” Deja Vu. Groundhog Day. Call it what you will, but the pattern is now well-established: every rally attempt by the SkyNet BuyBots quickly fades and reverses. Massive waves of selling pressure are unleashed by the SellBots and stocks close at or near the lows for the day. Buy the dip is dead.
Today’s brief and failed early rally attempt lead to a 750 point reversal in the DJIA, with even more severe results for the NASDAQ. The DJIA closed down another 351 points (1.8%) and the NASDAQ plunged 193 points (3.0%).
Stay tuned as the battle of the SkyNet StockBots continues!