Yes Hugo - I do think the media are stupid as fuck for reporting it, especially with words like
"NEW YORK - The devastating selling continues on Wall Street, with investors again dumping stocks in early trading."
Fact is - it went down but then rebounded. Somebody's cup was seriously half full this morning.
What happened in that first hour is that sellers were more aggresively selling their stocks than buyers were buying them - hence the price drop. The interesting thing is that also in that first hour, the buyers became more aggressive for the first time in a while which is why the first hour closed well up on its lows.
This has a lot of people looking for a stall, small rally or even a reversal.
Seriously though - it is way too soon to draw any conclusions from that hours trading.
That's why I think it's nothing more than media sensationalism. A single trade means nothing, a minutes trades mean a bit more, an hours trades mean a bit more but you have to see what happens at the end of the day before you start taking meaning from the price action on a macro scale.
BTW - I got in long on ESI at 11:39 at 66.47 and sold out 75% of my position at 11:48 at 68.16.
It's not all doom & gloom, there's plenty of upside here.