Eugene, I read more and more on SI that we indeed have reached the bottom, and that is "good", yesterday, someone mentioned that 99% of the thread was bearish, that problem has been reversed (g). I think that J.T. has last Friday as "absolutely, no argument" THE BOTTOM . I for one, have not seen the white in the MM's eyes yet. There was no massive liquidation, no margin calls, no "sell everything at any price". Frankly, you are right it does look like the February bottom (and I did not buy the February bottom until a solid 100 Naz points higher), except this time, I feel pretty strongly that the resolution will not be like then, the reason, since then we had a similar April bottom and a May 7th bottom, and you know the adage, you fool me once...this time, the market is not getting fooled again, it wants the real McCoy, and it will get its pound of flesh. To me it feels more like the February 28th -2001 bottom, after two mild rally days, it proceeded for another full month of relentless devastation and more than 5 (Yahoo type) -1100 Naz ticks..
Zeev |
