With Stocks Down Almost 3%, Have Investors Given Up?

After today’s move, I feel I need to update the string of notes and recommendations we’ve been discussing for some time – primarily concern about the Nasdaq 100 (or QQQ) Fwiw, and maybe it is because twitter is sporadic (lot of outages today), but last week my chats/streams were full of buy the dip talk, resistance levels, etc. That sort of chatter is almost non-existent today...not sure we have seen "capitulation" - will want to see fund flows tonight, but this is the first day that feels like a real wash-out has been occurring.

As bearish as I've been on Nasdaq 100, if we follow the "messy but manageable' theme, we are probably due for some sort of headline to pump the market - unless it is real, it won't last long, but time to be afraid of a pop if you are bearish.

My bet is that a lot of "buy the dips" who relied on the 200 DMA (especially those who aren't normally investors based on technicals) have sold or are close to unwinding.

Cannot say I love the market here, or the bottom is really in, but for the first time in weeks, I'm more concerned about a rip higher than more of a dip. At least overnight and tomorrow..

Disclosure – currently as of 3pm EST, I have closed out my shorts (that is subject to change in this rapidly evolving market).