From Barron's: Although I still think that the market is in a healing process -- unlikely as that seems today -- I can no longer look for a well-defined trading range with a definable top and bottom. There are other interpretations we can apply here, including a rounded bottom where the trend gradually changes, but trying to put the market in a traditional category is impossible these days.
If our assumptions about the market are no longer valid then we cannot craft a strategy until we find some new assumptions. We certainly cannot take action on the basis of a single price level being violated or a chart pattern forming.
There is no shame in simply sitting it out and preserving capital until such time as normalcy, whatever that is, returns.
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