Another day - another flash crashToday afterhours at precisely 4:15ET the SPY flash crashed, sending the price of the most popular security in the world down to $106.46 from its opening price of $117.74. This was not a bad print, it was a flash crash and it was no coincidence imo that it happened with Apple and IBM both tanking afterhours. Most likely someone tried to hedge or unload a large position and there wasn't enough support underneath to hold. Then, as usual, the computers realizing the weakness immediately blew out the bids and cascaded the price down. Another glimpse of what is to come....
https://www.zerohedge.com/article/spy-flash-crashes-nyse-cancels-500-million-worth-trades
Meanwhile my pattern continues to work well. We are approaching the second mkt top imo. I think mkt may dip tomorrow and then top out for the second top Wed/Thurs. Another substantial selloff should follow that, and then the final top.
SC