not sure what was the strangest thing about today. When the markets first opened, there was a vacuum like movement away fro stocks and into bonds. 15 minutes in, the SPY was at $184, down 2% from Tuesday's close. At the same time, the EDV (which is the current Moose pick - as opposed to Nose Pick) was at $125, a six percent pop upwards (these are freaking bonds). The Spy bounced around and touched $182 around 1:30, before rebounding up to 186.21. On the day, just down 80 basis points, though mid day down about 3%.
Then to be really weird, the IWM (the Russell 2000) also opened up down (a bit less than 2%), then touched down about 1.5% when SPY was making intra day low. But actually ended up 1% on the day. Go figure? You would think if there was a "flight to safety", that the larger cap stocks would fare better. But either the R2K had already taken its lumps in September and early October or something else was at play. It was suggested that people were facing some margin calls due to the drops and that they were closing out short positions on R2K stocks first to raise cash. I suppose that is possible.
I doubt we are anywhere near the end of this shakeout, though I do think we did brush into correction territory (intraday being 10% below all time highs). I continue to kind of wander through the correction. I am still underperforming the averages of late and the only good news is that things would be much worse had I not sold some stocks when I sold them. I did see where BBEP spiked up 10% today. I had written yesterday that BBEP and line were way oversold given how much they have hedged of future production.