>>Everything just keeps going lower<<
Well, not exactly. Even though I share the bearish sentiment, we must keep in mind the possibility this market has seen the bottom on 31 August. Bob Pisani [Catgirl Lisa used to refer to him as Pissssssani....]noted on CNBC tonight that in spite of all the downs, today included, we set the low on 31 August and each successive low has been a higher low. DELL closed today at a presplit price of 109.50; AMAT actually up 1/16 @ 24 3/16 off it's low; CPQ @ 32, + 5/8, AOL + +1 5/8, etc. All these stocks were much deeper in the can a few weeks ago. Gold and Oil are up, but I still get the uncomfortable feeling they may be just a nicer head fake than we usually get, and when this market recovers they will be quickly forgotten unless the fundamentals change in some substantial way. Also, on Sqawkbox, this morning, the guru from Wheat First Union observed that never had put options been greater in number, a fairly reliable contrarian indicator. Some companies continue to surprise favorably [INTC, for example, after the close]. I actually had to be physically restrained from buying in this afternoon after 3 PM...... |
