Sorry Fred. I couldn't begin to guess on the bottom. I'll let the markets tell me. I still remain that the April lows will not be reached or breached. NAZ 1770 seems to be the last level of support before the April low.
As I see it, we are looking to move substantially one way or the other. It won't be slow and grinding. We have very bullish chart patterns that are at critical supports, or are being slightly violated. And we have extremely bearish sentiment.
But, we have not had any type of a capitulation phase like we had in April.
I think the BTB is very positive, and perhaps the PPT can use it to move the markets positive for a bit of tomorrow. If we do not catch fire, and set a new higher high soon, we will try to re-visit April.
I am starting to think, though, with the incredibly bearish sentiment and the incredible resolve of the bears, that a turn is just around the corner. I have no idea where the catalyst is, and the FED is out of the equation for at least a while, but something must break soon.
As LG is fond of saying, have Plan A and Plan B.
Plan A is to go long NTAP and BEAS if supports hold and I get some sign of buying coming back.
Plan B is to kill some of the longs I have in the hopes of re-establishing at lower prices if the unspeakable happens.
I wish I had a crystal ball, but I'm groping just like you are. I will follow the volume. That always seems to work.
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