RE: And it's not just me that sees a market turnFubasher...I didn't say the recovery would be quick... although once there is a turn - in the Market and there will be, there will be a lot of amazingly cheap shares out there.
And I am sure some people will sell into any rally... much like what happen today until the last hour of the Market... but those that buy near here, or in the rally to come, and hold will be very nicely rewarded for staying in.
There can't be many left that haven't sold and the hedge funds got out over the last few weeks which left the remaining retail investors who for the most part got out over the last 5 days...out of panic... to bail now.
And lets look at the numbers I suggested 9300 for the TSX as a bottom which is equal to a 38% drop which fits the Elliot Wave retracement theory... it hopefully won't get there and doesn't absolutely have to get there.
Colin Ciesznski of CMC Markets suggested 9800 for the TSX as a key point which is hit today! Now the Markets both in the US and Canada have had 5 down days in a row counting last week...and 4 years of market wealth have been wiped out...I would suggest ... I repeat suggest ...a bottom is here or very near.
Now if someone bought here (today) and the market went down a bit further their drop would be small and not for long.
And believe it or not eventually markets do stop dropping and start going up when ridiculously low SP out weighs media driven fear.
And I have lived through a few of these Market slides.
Hope there is a rate cut announced soon and we start seeing some green arrows...for a change.
AND FUbasher what is your market bottom.... ZERO!