GKM

How Oversold Are We?

The question isn't how over sold. It's how over owned. I calculate that apart from company buy backs and bankruptcies so far, approximately 280 billion shares on the Dow are outstanding and are under water. There's a lot of folks wearing pain that will be looking to liquidate for anything close to break even. People that shouldn't have been holding stocks are and it was perceived as a safe investment. Perceptions are being shattered. Of course the financial advisors are encouraging folks to hold on.