i've been waiting for a while. i'm finally starting to see signs. today, at about 3:40, dylan ratigan talked with two guys on the floor of the NYSE about how no trades were working, and what could anyone do... one of the guys agreed (that nothing), then said to short the banks, as that was the "only trade that was working". the other guy said some other stuff, but instead of the usual "no, we're bottoming!" talk, there was agreement about this. i noticed other things among some of the perma-bulls who are occasionally prone to change their minds that they're almost capitulating. i'm watching, waiting, for a *tradable* bounce. if i can catch something like the bartiromo "maybe it's time to short" call of a few years back, i'd love that. but if we can get a couple more accelerated down/volume/sentiment days like today, we can put in a *tradable* bottom. not this b.s. stuff they've been trying to sell for months...
Ive actually found cn(the silver lining)bc to be exceptionally bullish the last couple days. More so than normal.
No way, CNBC has been very bullish this week. "Stock are cheap, buy buy buy. GE should be trading a lot higher."
yeah - they have been bullish all week and I expect them to always be - at least 95% of the time. However this afternoon I heard that guy as well, saying you might as well short, or buy the SKF or something. Whether that means anything or not is yet to be determined and the market definitely looks like teetotal poo - but sentiment is definitely bearish.
CNBC used to show that ornage meter on the top of the screen whenver the dow got close to 14,000. Those days are long gone.
Another terrible day... erased yesterday's gains. So does it feel like this market is still grinding down or does another blowout tomorrow suggest we are close to "capitulation?" (if u believe in that thesis). All I know is that I am exhausted and sentiment is just ridiculous right now, so maybe we are putting in a bottom this week? On the other hand, the vix is only at 50 so who knows where we go from here... any thoughts?