ritholtz

We Don't Need No Stinking Market Capitulation

Its not that I want to see a 5% down day -- its just that such a day will have significance reflecting a better psychology. As of now, there is still too much complacency for the bear market to end.

We own selective equities, closed most shorts early in the month, but still have a decent cash position. This rally can run for a few weeks or months, but we doubt it reflects the 08/09 recessionary lows . . .