The screaming in the streets, as I put it, I observe as a bullish indicator because the media is usually wrong. Even small town papers are trumpeting the decline of the Bull.
Normally events that are helped in part by media pronouncements see a reversal in 3 days. I used to keep track, but it happened so often that I don't even bother any more.
In addition, unless the Greenback comes along for the ride the market should stabilize. The bond rolling over should take the buck down, but unless there is a significant break then we're not there yet. I think we are not far off....but we won't get a more significant break.
However, for today, it would seem that as we take out the lows we are heading to minus 220, 240 on the DJIA.
I think the fund managers think along these lines as well. This is why you are not seeing them buy dips.
Ther tech stocks are actually holding up better, I believe, as a group....but I don't have a feel as to why.
I have to break this off, as the SP8M just took out it's low and I have some decisions to make re:my short positions. |
