Forward looking

This isn't the time to go chasing shorts, you either entered some when they were at higher levels (letting the trade come to you) or it's best to wait for that to happen.

The speed at which the market has moved means it will take some time for the timeframes to catch up, as it sits there are a few relative positive divergences, but I suspect more as a function of 3C not moving as fast as price. The Price/Volume relationships available after the close will be helpful too in determining an short term oversold condition. Beyond that, there's a lot of analysis to do as everything went to heck in a handbag very quickly.

This is why when they announced QE3 I said my first instinct was to close all shorts, but I try never to make emotional decisions and make them based on fact and probabilities. The knee jerk reaction!

I'll be starting my updates and scans, but for now take a look at what otherwise was a pretty decent chart yesterday, it looked like the market would bounce a bit, the NASDAQ Futures.

This is a 1 min chart, it has been negative all day and most of last night as far back as I can see. There's not 1 significant or meaningful positive divergence on this chart, but several significant negatives.

Recall also the earlier post of the futures 5 min charts in which I said they showed a much more negative disposition.

Don't get caught up in the emotion, there are plenty of opportunities.