This from the Kirk Report.
Sounds about right to me.
"Needless to say, this is about as bad as it gets (and I've ever seen)
and it isn't going to be an easy day out there. The good news is that
we probably need to see a 'sell the interest rate cut decision' trade, as
we want to see every single hope eliminated from this environment. In
the end, we want everyone to feel like this market is going to zero and
no matter what happens, they have to sell everything. The lesson we've
learned from this price action this week is that this market can't
bottom with any hope left and this day has the potential to finally let
Addendum: I hope no one reads the above as a suggestion to sell! I just agree that the extreme up and down action we have seen so far may (or may not) provide one gigantic decline with 'everyone' giving up. If that happens, it may be the capitulation that the bulls have been waiting for. But in reality, I think the bulls have already jumped in at each of the previous false bottoms.
Be very careful, and it's best to trade options – with limited loss strategies.