Is Today the Day?
|Good question. You didn’t honestly think we’re going to call the bottom right now, did you?
We posted some charts late Monday (which, despite the market continuing to drop, are still valid), and we have another today. This is a technical chart, so take it with a grain of salt, showing how much the market is below its 200-day moving average. We don’t make buy or sell decisions based on technical indicators, but we do use them to gauge market sentiment. The market has sold off so quickly (16% in just the last 6 days) that its trajectory is reminiscent of all major market bottoms, including 2002, 1987, and 1974. Only the Depression had numbers lower than today’s.