As you can see in the chart above, the S&P (one minute chart) today didn’t stand a chance from the get go. The market sold off all day in a continuous stream and it got worse in the last half hour as market participants started to worry about the bank downgrades after the close.
The biggest disaster today was the decline in crude and the energy sector was sold off from the moment it opened.
I updated the P&L tonight. Some of you may have some difficulty with UCO as it opened below the stop. This sometimes happens. Normally when this happens you either sell below the stop or wait for a bounce to sell. Today UCO never got the bounce. I am still long, but if you took the loss at the open you were lucky and saved a bigger loss. I will let you know what I am doing with it tomorrow.
Have a great night and I will see you in the morning.