Things are oversold, IMO, but earnings season is here so there will have to be some very good news to corroborate possible bottom. Not going to happen, IMO. Not quite yet.
Financials still selling more equity, still raising capital, not lending, re-sets coming, recession unemployment figures not yet disclosed - or felt. The regional banks, the most exposed and least protected, are still in the process of getting hammered.
Comm'l real estate still not taken the hit it is going to get as unemployment drives discretionary spending down and malls, stores, hotels, and other businesses dependent on comm'l real estate get hit.
Inflation not yet felt as it will be felt.
Oil still very high.
No, bottom is definitely NOT in, IMO.
But yes, things are oversold and there will be a rally or two, followed by more direness. |
