Thoughts {09.01.15}

Stocks are set to take another leg down this morning.  I'll have more to say about this tomorrow.  Two quick things.

I've always thought a retest of the lows or some level lower was a high probability event.  The important thing to watch will be how markets react after this sell off.  To that end, the close today will likely be more important than the open.  Also remember that this is still a vacation week out east so markets still trade a bit thin.

Stocks are more oversold now than they were a week ago by our work.  Our indicators are not quite yet at ultimate oversold levels but we're getting closer.  

Back tomorrow.

Oh and one last thing.  Markets are held hostage to China, oil and the Federal Reserve meeting later this month when the next decision on raising interest rates is discussed.  Until one or more of these is brought to more clarity or resolved or end gamed, markets will continue to be volatile and under pressure.