You know what Paladin, I actually miss Rick Santelli and Brian 'the brain' Faber's commentaries. They are two incredibly intelligent guys that have it figured out, but nobody listens to them because they don't provide stock picks. They do a little more than just sit there and deliver the company line.
Commentary: Monday may have marked end of the correction
I turn first to investment newsletter sentiment. A contrarian analysis of that data supports the notion that Monday was the end of the correction, since in recent sessions enough editors have turned bearish -- in effect throwing in the towel.
Consider the latest readings of the Hulbert Stock Newsletter Sentiment Index (HSNSI), which reflects the average recommended stock market exposure among a subset of several dozen short-term market timing newsletters tracked by the Hulbert Financial Digest. At minus 22.5%, the HSNSI is even lower than it was at the beginning of last week, when I had already concluded that the market was close to a bottom
Writing before the close on Tuesday, Russell wrote that, at Monday's close, "The market was severely oversold. But what interested me was that the market was not only oversold -- but it was severely oversold in the face of a flagrant non-confirmation on the part of the Transports. This unusually bullish combination provided the basis for a violent turnaround. In fact, it could turn out to be more than 'just a turnaround.' Ideally, what I'd like to see now is a 90% day on the upside. If that were to occur, we could be seeing a key reversal -- with the stock market perhaps having discounted the worst that can be seen ahead."
http://www.marketwatch.com/news/sto...-96C2-472D-BA1E-C8877BF40609}&dist=TNMostRead
Richard, looks like you got your 90% up day. Also, I'm planning for additional rate cuts on the horizon. Attack, attack, attack.
-----Jim
