Are You Scared Yet?

This morning's selloff has filled the gap from the 5/7 close on the Dow and SP500. I think this is a positive. The Qs have come close - within 0.15. In general, Wednesday's tend to be turnaround days. We also have options expiration Friday. So, I expect that we will see the markets begin to move higher this afternoon, but then again, I thought they would move higher yesterday afternoon as well.

The Euro has moved up in 5 waves from yesterday's low. If it can gain some traction, that should begin to turn the tide.

Silver has continued its selloff and reaffirms the double top.

This continues to be a difficult trading environment and reacting to extreme moves is probably not the best approach. I am looking for buying opportunities against the 5/6 low instead of trying to short this market with the crowd. I think any positive turn in the news could spark a huge short covering rally and turn this market around, but it may take 2 to 4 weeks.