as we officially entered 'correction' mode (10% loss), with many stocks in bear country (20%), and there's no bottom appearing, BUT, it's kinda strange, cuz money's not going into bonds or precious metals, as in a 'normal' downturn. Who knows where we go from here... The market has been on steroids for a LONG time and now we're in uncharted territory, with pundits giving conflicting predictions, as always. Start of long term bear market, OR, buying opportunity after the correction that is long overdue? Bottom line, VERY interesting, and good time to be in cash, keeping your powder dry, cuz I don't think we've had total 'capitulation', with big volume. We'll see...
As always, the same people (Cashin, Pasani and Leisman) show they know 'of what they speak', while the idiots (Santelli, Kudlow) also 'show their stripes', and prove they are full of crap.
PS. Art Cashin says we'll know a LOT more, at 9:30 EST Sunday night, when we see how China reacts on the opening of their market, cuz (according to him) they are 80% of the reason for this downturn. Could be a 'world-wide spiral', or a temporary bounce back. Stay tuned....
Comments