This is what he said:
"Don't stop investing. Keep putting money in. Shares are at a discount"
It was another fucked up day at the casino. The market gapped down below the 1880 Maginot Line, ran -70 S&P points and then the obligatory weak-handed shorts covered almost all the way back to break-even, only to close weak. Small caps led the rally since they've been pounded the most. Oil and oil stocks were down huge, and were weak all day.
All shorts must cover prior to collapse:
Seven short covering rallies, have all failed. The market keeps going lower...
Nasdaq intra-day breadth with Nasdaq 100 (the vertical red lines are short-covering rallies):
Realized volatility is multi-year high:
The level of technical damage is already at 2008 levels. 40% of the NYSE is at a new low.
This is the Nasdaq 5 dma new lows:
Emerging Markets and Energy stocks are in straight down crash mode.
Energy MLPs (tax sheltered partnerships) are getting obliterated
Middle East stocks are getting obliterated
The old Maginot Line at the August lows (1880) was broken, so the new Maginot Line is the 2014 October lows. It only took 200% average volume to close back up to that level...I'm sure it will hold for a few hours...
