Another Tough One

Another tough day for the bulls. The best you can hope for if you're long this tape is for another short-covering spike to sell into.

The bottom callers are also all over the place suggesting that any good news will rally this tape. These folks seem to be hoping for a KLAC repeat. The trouble with that, of course, is timing. They'll eventually be right, but at what levels? When these folks are eventually correct on their timing, no doubt we'll see tons of comments from them boasting about how smart they were to catch the bottom. They hope you forget that they've timed the bottom just about every day since the market top!

Patience is the name of the game. I'm doing nothing and I see no reason to change that stance until either I see extreme oversold conditions and/or a significant positive catalyst that suggests that a bottom has been put in. Everything else is just hope and speculation. I can't trade those.