Roebear, all that is missing is a trigger, the market seems ready and willing to take a dive, IMHO, but we need a little more bullishness, like sub 1 put/call ratio, or maybe the AAII bullish reading reaching in the 80% (now already at a vertiguous 78%), or the Nikkei dropping under 15,000, or the Korean market dipping under 400, or best, the actual failure of two or three chaebols to bring back the SEA malaise to the fore. Even then, long term, I would not be too bearish, a lot of money is sloshing around to enter this market and right now my worst case bearish scenario does not see prices under 8000 on the Dow (actually, I think that 82500 may hold in a swift little murderous decline).
Zeev |
