Another offset day for both the daily comp. and VXN. The early run into pivot point resistance was shaken out rather quickly. I had a pretty good feeling we were going to head south in the afternoon when the 15 min. trend line failed to hold as support. The afternoon sell-off was sharp, with barely a pause at the 50% Fibonacci retracement level.
The early bounce in commodities was offset by further worries in the financial sector which gave back most of yesterday's gains 5.2% / 5.6%. Offset days were common when we traded at these levels back in the spring. They can be a pain in the butt, but mostly they act as a reminder that we can't take anything for granted. It's okay, as day traders we get a chance to make the same money over and over again.
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