That big flushing sound was the TSX hittingthe 200 DAY MA of 7707.79 almost perfectly... Hit 7713.60 for the low and ended at 7724.76.
I had hoped we would only see the prior Oct 27th low for a double bottom...but no we flushed on by that level and went straight to the 200 Day MA instead.
Check out the 10 year Month chart on Stockcharts.com for the TSX symbol ($TSX) you will see history in the making TSX now off 47%. Usually that would be the end... using Elliot wave theory but how knows... may we go to minus 90% like the 1929 crash...I hope not. Lets hope some sanity brings the market off this critical level.
I still like oil and gold going forward...but it's going to be wait.
And now the whole Canadian oil sector is a take out target for pennies... watch what happens in the next few months... And no I didn't sell anything today... I did pick up 500 more SU at (20.00) that was it.
And I offer some insight from David Skarica writer of Addicted to Profits newsletter who writes for SH recently he writes
"...and I usually find that unless the company is going bankrupt, you’re really safe buying something that’s down 90% from its high.
"Usually the big busts come in the first half of that secular trend. If you look at 1929 to 1948, the two worst parts of that bear market were 1929 to 1932, with a 90% decline in the Dow, and 1937 to 1938, with a 50% decline. After that, most of the climbs were muted, like 30% down and 25% up. The same thing happened in the 1970s. The 1970 bear market was 36% off and the 1974 bear market was 48% off. From 1975 to 1976 to 1982 at the bottom, the climbs are more gradual. So we had a bad bear market when the tech stocks blew up, which was over 40%. This bear market is over 40%, assuming we hit the bottom a few weeks ago. What you’re going to see now— as volatile as it’s been, it sounds crazy to say this – but, say, we get a one or two-year bull market after this bear, you’re going to see volatility dry up. By the way, that’s how you start bull markets. When you start, when the sellers are all out, you usually get everybody giving up, not in a panic, but when the market hasn’t done everything for years.