The market's in nose-dive mode once again. I'm watching the QQQ, which just broke through the support of its March lows (at 34) and is falling hard at the moment. The NASDAQ is getting closer to the bottom of its channel, which is now approximately 1825. Could this be the big give up by the bulls? The market is certainly over-extended on the down side. I'd like to see the market keep sliding until 2:30 or 3:00 and then rally. Maybe that will scare enough people out for the market to get a nice bounce (which I'd probably look to short).
The VIX, for its part, is up more than 5% and is approaching a downward sloping trendline which connects its March and May highs.
