Good Is Bad

The comments herein reflect a 3:35 p.m. ET posting.

You know the
groove.

When they can’t rally ’em on good
news, they’ll sell ’em.

And so it was on Wednesday, a day
after the market sold off on the Fed’s bias switch to easing.

That the Fed didn’t stop off at the
neutral position was certainly good news, the absence of an outright cut
notwithstanding.

Wednesday’s sole positive was volume,
one of the heaviest ever in the Naz.

At one point, the Naz was 55% off its
March 10 top.

Sometimes it works this way.

And sometimes it doesn’t.

You will no doubt hear lots of this
talk in the near future, if you’re not hearing it now.

As a position trader, you shouldn’t be
forecasting or guessing when the bottom will be in.

But plenty of people continue to do
just that.

A broken clock works twice a day, I
suppose.

Said one Florida trader when another
trader asked him if we’re at a bottom: “We’re at a bottom when you don’t
have to ask.”