I will be honest, I thought today we would have see a small bounce but continued sell pressure poured in. I suspect that since this is options expiration week, the selling might turn in to a short term bounce. I plan on selling any bounce in this market until it can recapture some land.
Ultimate target in this market is at 200 MA for a major bounce that might last a couple of months. The initial selling has been hard so sideways or a bounce is ultimately due soon. But that bounce could be a great selling opportunity with tight stops at moving averages / major over head resistance.
The effects of what is happening in Japan are going to be substantial, you are seeing solar stocks bouncing on uranium's fall, construction stocks in japan skying, USD/JPY just hits its lowest point in over 15 years.
AUD/JPY, this is what happens when a rising wedge this long breaks. I drew the andrew's pitchfork (purple lines) months back. As soon as this line broke with confirmation the action became dangerously volatile
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