The daily sell signal has been generated accompanied with volume's hike. Therefore, all my active orders were cancelled, until daily uptrend is restored.
The market opened with a huge gap and we have been covering it for the rest of the session. It also seems several stop-loss orders were triggered. The various media are giving the Dubai credit issues as the reason for today's drop (here or here).
The US market closed quite low (S&P500 -1.72%).
In my (subjective) opinion we should be careful now. We haven't broken the primary uptrend as of today; however, the market has been giving us the bearish signs for some time (negative divergences)
Good article on costs of postponing investments (here).
Sources:
[http://seekingalpha.com/article/175496-is-dubai-s-default-a-black-swan-event]
[http://www.bloomberg.com/apps/news?pid=20601087&sid=aBhwAC1GSJEg&pos=5]
[http://investopedia.com/articles/pf/09/costs-of-financial-procrastination.asp]
[http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:gaps_and_gap_analysi]
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