Markets don't bottom on Fridays.
That's what we're seeing today with the S&P 500 opening down 60 points to 4058, a 1.6% drop after five consecutive weeks of losses.
I'm noticing the tone around risk assets is deteriorating. The talk in the market shows that the bulls have been vanquished. There's a realization that it was all a bubble and that tech stocks without earnings don't have a floor. That's part of the transition to a bottom so take it as a good sign.
Technically though, a break of the May lows today is a big problem.
