Semi-OT: Friends, fellow investors, the time is near!
It's starting to look like a bottom to me. With the last of the mega-multiple, previously untouchable, high fliers getting whacked (JNPR, MLNM, DNA, JNIC, etc.), and downgrades and/or multiple contractions for Generals like CSCO, EMC, ORCL, SUNW now well underway, I think it's time to get constructive on this market.
While there may be some additional pain and/or churn ahead, I see a bottom forming this week, even without a clear election resolution.
How can I be so certain? The leadership rollover mentioned above notwithstanding, I have a friend who calls me when he reaches "maximum pain" in the market, and without fail, his call has marked the bottom of every down cycle during the last five years. I've been waiting weeks (though it felt like eternity) to hear from him and I'm very pleased to report the call came after market close today.
Time to cover the shorts and look for the new market leaders. And the J's on the short list.
BV |
