Anyone think we've hit rock bottom or do u think there will be a reversal to continue the downtrend ? Just curious on thoughts.
I dont think the bottom is in, its days like this that make you think that everything is better, than 12 hours later there is another write down or credit problem at some other financial company and the market falls another 3%.
Seems like everyone was counting on a great novmeber /dec especially after three rate cuts. The lower the market heads the more people average into it. Its still about not missing the rally instead of worrying how much you can lose in a selloff.
This is fucked up and it will probably rally to close. I expect another dip before Dec 11th, a rally on FED day, then fade the FED. When rate cuts are so low and this does nothing long term, the bulls will have absolutely nothing left. Next year markets will just fall on fed hikes to control inflation. This ride up is just setting up disaster long term.
Markets go down and they go up. Today is impressive. But it is just one day. In my lifetime i don't recall any sustained bull markets during times of economic contraction as the country approached a recession. Maybe this time it's different. P.S. In my most cynical moments the thought enters my mind that todays rally may be a signal that Obama is pulling ahead of Hillary.
The descent was way 'too fast', hence we get reactions like today. I believe bottoms are a process and aren't made on single days. A few sideways days with low vola would probably lure in more dip buyers and help build a better foundation.