Asian markets are deja vueing all over Friday. Not quite as severe a drop, but still a solid 16 points or so. Put in a lower low and is now doing that congestion just above the bottom. Thursday night Cobra said, essentially, don't panic, could be back to break even by New York open and he was mostly right.
But now it is a repeat (never a good thing). We will see in the morning if the bounce fail bounce pattern continues. So far not the gap and go senario to start the week, but who knows, maybe the "National Team" will turn this around. One thing for sure is I will be looking at the charts from an hour before the New York open, maybe I will go back to bed afterwards time will tell. Hey I live in mountain time so the open is at 7:30 for me so Farmer's hours. That's why I trade with my cats, nobody else wants to get up that early.