Bill, you wouldn't call this "out in force"? I'd say fear is pretty widespread and, with -512 on the Dow, 925 million shares on the NYSE, trin of 3.22, trin-5 of 8.18, VIX ending at about 48, and absolute, wet their pants, panic finally hitting the bubble and momo stocks (of course, they are still overvalued), this looks like a capitulation day to me, BWDIK?
Guess what - the Dow is down 19.3% from the high. S&P exactly the same. Nasdaq now down 26%. It may not be over as we could still see a recession and 30%+ bear market, but some nibbling in quality value plays, small/micro caps, things already extremely beaten down (that the momo guys don't own) seems in order. There are some bargains out there for long-term positions.
JMO,
Bob |
