No. When there are 40 points up in the morning on the Naz and 20 up on the SP at 9/1 volume ratios and the QQQs and the SPYs are getting eaten up, i'll think differently. Bounce, no more no less. Well, less later.
The doom and gloom is pervasive and constant, and the bears are screaming for a crash that isn't going to happen unless we get another terrorist attack. We are still in a bear market of course, but one with lots of tradeable rallies. The anti war people are going to really scream after the attacks start and the market still doesn't crash.
"when the VIX is high it's time to buy". But there seems to be a whole different VIX out there these days than there was in the 90's. The levels we see today would have been extremely high back when VIX ran between 20 - 30.
true, vix only makes sense relative to recent history. But a rising VIX means fear is starting to get out of hand.