There will be no sustainable bottom until the realities of a recession are priced in for tech stocks and energy stocks. Right now, the banks are priced for doom and gloom, but the techs and energy names act like everything is fine. More drip drip water torture to come. Enjoy the headfake rallies while they last, which is usually counted in hours, not days. Until the hiding shelters of tech and energy are bombed out and torn to pieces, this market isn't going anywhere but down.
Energy has been getting torn-apart for awhile now . . . Where have you been? Looked at BP and XOM lately? Nearly a 20% decline. Looked at COP lately? A 36% decline. Looked at MRO lately? A 23% decline. NOTE: It's called "rotation".
I agree with that. In the mean time the market will swing up and down 1000 points. At the end of the day Joe rules this market. If he can't afford his bills, MER takes a big hit.