Today we had a very large gap down, then a lot more selling until 11:15am and then the Bulls and or bottom fishers came rolling into rescue the day. It was looking pretty ugly because we temporarily broke through the bottom of the channel of $1357 and made a new low of $1347.75. So what does this all mean? They are buyers out there that think that everything is ok in the market and there is nothing to worry about. Time and price movement is what we need now. I expect tomorrow that we will have an up day and we will likely rush back up to $1370, which is that primary support line. Even if all that happened, we would still be right in the middle of the consolidation channel. I will continue to stand on the sidelines waiting for all this crap to shake out. I hear some are jumping in and hoping this is the bottom, and I hope they are right, but for me I need to see confirmation.
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