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There was definitely fear, and lots of people felt it. But like you said, you were buying. Lots of others too, and besides being short term very oversold, there was no reason to be buying. PnF gave a sell signal but people were buying ?. When you look up "the ugliest chart pattern in history" in the PnF handbook, it has a chart like today's. Other than a short term trade off of a long tail reversal, it only makes sense if they are confident, not scared to death. The biggest reason though, is talking and listening to the "common folk". At work, and on TV, all I heard all day was "so what, it'll come back, it always does." and "I'm in it for the long run, this drop doesn't matter". That isn't fear. That's complacency and we can't find a true bottom until it's gone. JMHO, although on Feb 24th I did call for a coming correction in the major averages all the way back to the 200 dma. Some of my post was even quoted in threadtalk. I could be wrong, lets hope so. Jeff |
