No need to update this morning’s chart. It’ll be out of date by the time you see it, anyway, given that stocks are falling about 1pt every 20-seconds.
As of this instant the S&P500 is 60pts off the highs of the day at around 1890. I would expect (but am not betting on) stocks regaining 1900 by the close.
At 1870 I am a buyer in some size of equities across the board. Sell-offs are about emotion. If bear markets went down in a straight line they wouldn’t be at all scary. You could just short everything. There is going to be a hellaciously vigorous rally very soon. The question is whether it’s from here or 10% lower.
Today is the first day I’ve heard (felt) real concern from the bulls. That’s the start of a bottom.
Earlier this week I said the time to buy would be when getting long felt completely insane. Being a contrarian is overrated but there’s a 20-minute wait to buy a PowerBall ticket but it would take a nanosecond to get filled on $250,000 worth of Amazon $100 lower than where it was 2 weeks ago.
It’s time to start getting constructive on stocks.
If you enjoy the content at iBankCoin, please follow us on Twitter