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The World's Worst Stock Picker
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I have two scenarios:
Oct 12 00:22 am
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All Comments by The World's Worst Stock Picker »The Devastating Week That Was [View article]
1. We bounce and retest in the future the Fridays lows and it holds support.
2. We bounce then blast through the Friday's lows and we end up at the 2002-2003 market bottom levels.
The issue that I have is that the weekly volume seems sooo heavy compared to the volume of the 2002 and 2003 bottoms and I really don't like that. I am optimistic though. With the VIX at 75 there should be enough fear and capitulation so that the market will bounce from here. I will wait until the market lets me know it is ok to go long. I am not in the business to pick a bottom.
I also like to see how earnings go next week and see how the market reacts to them. I hope we do not see another Bank of America fiasco like earnings. That would not bode well with the markets.