The lack of a strong short-covering bounce from this market is extremely concerning.
At this point, I see the best case scenario being a retest of this month’s lows before getting a strong bounce thereafter and worst case scenario is a mix of the 2011 sell-off and 2008.
The only way I really see a true 2008 playing out is if oil continues to drop and the energy companies start to bankrupt themselves and the loans the banks are holding start jeopardizing their well-being as well. Not impossible, though at this point, it shouldn’t be assumed.
So here is the SPRI for this week and the lack of any reversal signal that it is currently providing us with.
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