Bobby, we had 715 new lows yesterday, only some 300 plus today. Mind you, since we lost about 600 issues since December, and half these issues "would have made new lows" yesterday, we really had an unprecedented number of new lows, I would say that was panic, together with VIX and VXN showing major sings of having peaked and in areas conducive to major, at least short term, turns, and the same with the equity P/C ratio and a number of additional parameters, I stay with my bullish horns. I maybe early, but I think not by more than a week. I think it is time to unzip again, Bobby. Having had my bear suit on since actually late May, it feels good to finally ge out. I hate that hot suit during summers (g). Additionally, if you add the four missing days from last week, and consider that I was supposed to have a low either Friday or this Monday, add four days, and this bottom can't be stretched much further, so said the turnips a little while ago (g).
Zeev |
