He'll be bullish by Wednesday. His audience doesn't know how to short. No ratings in shorting to the long crowd.
It depends on time frame. Next week markets may bounce, but is it a true bottom? Probably not. Bottoms are normally established by strong defenses of support areas resulting in spiky price action, so far we have been observing mirror image of a bottom ie bear market on Daily, Weekly & Monthly charts.
I wouldnt declare this a bear market until the SPX makes a new lower low. That level is right around 1260. If it goes much lower then 1260, then we are in a bear market and the next level will be 1150. Until then, this cant be classified as anything. If price fails to make it over the cup (8 year cup of SPX) then its going to pull back. My bet would be to start buying right around 1260 if that area is respected. If its not respected, then short short short away. Next stop 1150.
the bottom for this latest move down may be in but in spite of his usually being a good contrarian play there is more downside. It will come when it looks like all is clear.
At the moment it's not looking bullish at all, charts have to reflect major's interest, can you see any? Not that bounces are untradable, of course they are. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1976420>
I'd have to say he has called a short-term bottom and we will rally from here (5-7% or so). Didn't he call this a bear market on the 22nd of January disaster when the Dow futures were down 500 points before the open and we closed like only down 150 or something. We proceeded to rally about 1000 points from there over the next few weeks. I expect a short-term bottom here and then eventually continue lower after a few months floating around during summer.
i think a teh majority of his audience don't even own or trade any securities. his audience is either amateurs who paper trade or spectators in the market. .