1160-1200 is what I believe to be a near term bottom..... I think the DOW breaks 11k very soon, however I think there is going to be a few bear market rallies coming up, I remember the market being like this a few years ago, anything you bought fell, then out of no where the market reversed and rallied for many, many months, I know because I was trying to catch the bottom and didnt, back then I was very bullish.
I dont think the VIX needs to get to 35-40 range to signal a bottom, Im going to be ignoring that signal this time around, I do think though that any bit of positive news is going to send this market higher. To me the selling looks to be a little overdone, Im adding more positions on the long side tomorrow morning after ECB rate decision and job data. I think this is why the market is worried this afternoon.
Finally VIX is flashing buy signals (buy the market) ala Connors. Should have bought some at the close. :frown: Short term, I will be a buyer at pullbacks, if any, to take advantage of the coming bounce.
Good luck with this market. Try to pick this bottom, and you better hope to G_d you're right, because you will have your ass handed to you in a nanosecond, repeatedly.
LOL!!!!!!!!!! My side is aching! "A stinky bottom!" LOL!!!! I can hear the usual family members dropping by on the 4th. "What do you think the stock market is going to do?" My response: "I smell a stinky bottom, with everyone crapping their pants." I bet they'll think I was talking about them, which is even funnier!
I think S&P will bottom between 1215-1230 on Monday or Tuesday. Look at your Vix chart. in both cases it jumped from 24 to 40 within 2-3 days. look and number of stocks below 40 or 50 days MA, market is in bottoming territory. I am not talking about bottom bottom (I never know) I am talking about bounce and than we'll see where it will take us I am hoping for 1300.