Short And To The Point
WOW! I knew there had
to be a bounce somewhere, but Wednesday’s action far and
away was more than I thought could happen. Any way, shape or form, that
was a great one-day move…and far be it from
me to throw cold water on things, but
let’s please put it into context. IT WAS ONE DAY. That’s all.
It’s the first day of an attempted rally off of a major
trashing.
The leading sectors yesterday were the worst performers
and vice versa.
The NASDAQ 100 had the
strongest move. In case you haven’t heard, it is down 20%
this year and 73% from its all-time highs.
The NASDAQ has had a 5% up
day 10 times in the past 26 months. Maybe 11 is the
lucky number, but the first 10 crapped out.
Lastly, we are just back where we were a week ago.
So, don’t get crazy. Only time will tell if this can get
legs. I don’t think it will, but
the market doesn’t care what I think. I have said a zillion times that
when the market does ultimately bottom, it will not ring a loud bell…like
yesterday. I will be looking for a confirmation follow-through day
sometime next week. If it doesn’t, we do nothing.