Uh, the trend is always down before a bottom occurs. To clarify something I said earlier, I'm not calling the ultimate bottom of this cycle. I'm not saying we can't go a bit lower, either. I'm just saying the conditions are very similar to some important intermediate bottoms (with lots of panic) in the past. Maybe it's much worse this time and history can't be our guide. I don't know. I wasn't closely following markets in '87, but can imagine pessimism was slightly high after a drop of nearly 23% in one day. We haven't seen anything like that yet. I was watching things more closely in 2001. People were wondering what cities were going to get attacked next, or if nukes would be the terrorists' next step. It was a very different situation, but fear/pessimism was comparable in certain ways.
Futures are bleeding deep red, Asia is selling off hard, will Bernanke hit the panic button? Its not a matter of if, but when. Many stuck bulls are counting on Ben to bail them out Monday morning. All I'm hearing from the bulls at this stage are 2 things, the market is oversold and coordinated global rate cuts. At this stage, global rate cuts are already factored in to a large extent that I don't see much of a rally at all on the news even if they do come on Monday morning. A washout is imminent.
For the millionth time rate cuts aren't going to save these markets. I have been saying this since the 1st rate cut back in 2007. Rate cuts are only going to do worse for this economy. Any rate cut will prop the markets up for people to sell.
well sure...after they do a quick buy then a quick dump Yow, Asian markets down over 4% right now...scrape the 10K mark today on the Dow if things are that rough?
wow, you're such an economic genius. who cares if they won't do anything? they're going to happen today. it's such a high probability event. and if they happen, the likelihood of a rally his high.
1000 is coming faster than I expected, this is a freefall, no one wants to hold any risky assets, now is a time for holding cash and protecting assets. There are serious problems that need to be dealt with over the next several years, this is manifesting itself right now.
since you now changed your opinion, and you now seem fearful, it is now more likely to be the bottom.