Post Market Thoughts: Question being asked: Is this it, the reversal, have we hit top? The answer lies in the future. It's impossible to answer for now. We can only follow what we feel and see from experience.
I know this much: it's the end of the quarter, and most likely people are taking profits. Will it trigger a long term sell off? I don't know. I know that there's end of year positioning coming in to play in the next quarter. So, the question is are buyers going to come back Oct 1st. You see, that's the future. So, I suggest playing it for today and see what happens Oct 1st, 2nd, 3rd. etc. We may be setting up for another rally before the final curtain falls.
That said, today's RIMM earnings announcement most likely will trigger a down day tomorrow, it being Friday, it being near the end of September, as mentioned above. We also need to keep in mind the circus taking place at the UN and the G20 and we still have a threat warning. The weekend is ahead and Monday will bring other worries. There is also a case to be made if there's a severe sell off: will there be buy triggers activated?
I keep reminding myself about 2007 Oct-Dec. We are at those levels in plenty of stocks, will they break into a new high? Could be but, like everything in the rhythm of life, we have to take a breather once in a while. So think about sitting out this dance and watch others perform, you may learn a new step or two.
Happy Trading, Living and Dancing
P.S. Speaking of dance, look for my next post on the subject and enjoy this tune