Dan talks about the downtrend of market following a series of lower highs and lower lows. The S&P 500 breaks below the low of “flash crash” — 1065 level and next support level is 1045 and 1020. Semiconductor HOLDRs (SMH) is especially bearish, even breaking the July low. However, based on the activity in the VIX, Dan feels the market’s down move will be less volatile then previous tests of these levels.
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