SOME SIGNS OF A BOTTOM FORMING
vix hit 36.75, that is "bottom teritory"
they are finally shooting csco, last tech standing
most of the individual investors are either wiped out, or too scared to buy
pessimism is thick, almost 1000 new lows today, advance delcline line was almost 5-1 ratio at one point today
i think the massive downside is over, a bottom can start forming, driven by the caveat of a rate cut at anytime by the fed
other than that, there is no seen reason to invest in tech, it is now the "dead, bad place to be" part of the market, hardly anybody wants it
we are way overdue for a relief rally, i think it will start soon-maybe as early as friday afternoon,
final key to start dipping in for me-- when the 30 year bond prices start falling, that will be the sign that money is returning to the market,
i would expect some buying to begin next week as tax loss selling will be over and people will want to get positioned for "january effect"
hope i can make it till then
some day this will all just be a "bad memory"
and this too shall pass! |
