Wow...this has got to be one of, if not the biggest, tidal failures of all time. What caused it, other than the fact that the markets seemed due for a large correction? I could go on and on about possible reasons behind this large move, but you've probably heard and read a million different things already so I wont bore you with more. Just remember that from time to time these things happen...they're not pretty nor profitable (unless you were short).
So, what happens now? I think a quick recover to previous highs is pretty much out of the question. Too much damage in confidence I think for that to happen. I prefer a scenario where we bounce around for a little bit with some pretty decent volatility followed by some sideways action throughout the summer months. My guess is that it may be difficult to make money in either direction for a bit...perhaps the nimble trader who can get in and out can profit, but its all pure speculation on my part. The market Gods will speak soon enough. Be careful out there.
