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The good news today is that the indexes finally reached oversold levels not seen in the past two years. They had a major flush that scared many people out of their stocks. The bad news is that the indexes closed near their lows, which typically means that there’s more flushing left in the next few days.
Markets like this are heaven for nimble intraday traders because of the volatility and wide ranges they bring, but soon enough they might provide some excellent entry points for swing trades we can hold for more than a day.