I like to watch CNBC's Fast Money at 5:00 pm.
I look for a statement, an unusual or meanningful idea. Just one. Sometime it happens.
Last night I kept thinking over and over again how bearish everybody was. Including Gartman. "The trading day opens strong and then the market closes down. This is what is happening and this is what you see in a bear market."
I kept thinking that maybe this is the time the market will prove wrong all these smart people. In other words, all this bearishness could very well be the signal that the correction is over.
Time will tell, of course.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked Top Market Timer in 2009 and 2010 by Timer Digest
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2 comments:
I am thinking this market is oversold too. I track corrections, and this one is about as deep as it should get for this point in the business cycle. This correction has failed to rebound 3 times now. The most I have seen a correction fail to rebound (unless it was in a bear market) is 5 times. Mostly two failures, occasionally 4, only once have I seen 5. We will see if today's bounce number 4 is the bounce that works.
You were right; they were wrong.
Great assessment of the "noise" some people make at this time.
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