Finding a Bottom
I watched the CNBC crew cast around this afternoon with ten or twenty pundits trying to figure out the market, after listening all day to various radio faux-experts (sorry, NPR was the worst) explaining that the markets were going down around the world because people now thought, as compared to before, that there would Really be a recession, or some such thing.
Bottoms are really impossible to call.
But, if you are a technical / chartist type, you “know” that we had not hit the bottom yet, because most bottoms form a W, and we had only experienced the first of these two legs down.
I would guess that we have to see a lower low than the last one, and then we at least have a shot at a market return. Keeping in mind, as always, that the market and the economy live on different, if neighboring, planets.