LD...
Good article by Schaeffer, and pretty much what I have been saying about market indices. I am doubtful that this bear market will end in a climatic bottom, but if it does, we will see numbers that are off the charts on indicators like the P/C ratios, the VIX/VXN, and the various indicators that measure oversold sentiment.
Even if the bear ends in a whimper, as I believe, I look for temporary bottoms with sentiment numbers at levels we have not seen before. That is one reason that I do not view 7/24 as a solid bottom - we were probably on our way to making a temporary bottom, but intervention by the PPT cut it off before the bottom was made - and that is the other reason I do not think the July bottom will hold. It was an artificial low, and I cannot see that as holding for long.
mlsoft
