Quote from joeyata1:
whats really interesting on this board and boards everywere is how all are looking for a bounce. we heard the same battle cry last week and the week before. we've all become so conditioned to expect a bounce the last 5 years its frightning. we've had that magic hand(thefed,ppt team) underneath us for so long its almost become a god given right it will be there forever.i've heard no talk of the extremely low vix on friday nor the low put to call on friday showing major complacency. i guess the lone ranger is prince alawad saving cit bank. hey didn't abu dhabi just save them 10-15% higher? didn't somebody save bear sterns 50% higher? what happened to all those stock buybacks that would assure us the market would never drop?what happened to all the buyouts that would reduce are stock market float by 50%? weres $10 million a year cramer now after telling me to buy jpm at $50 are wb at $54? always remember were 5 years and 2 months into this bull market. its very long in the tooth. its been my belief that the market was interrupted in 2003 from entering a major capitulation were people dumped all stocks and funds in mass. because they interfeared the coming bear will be much worse. in the end before we can get a bottom people will hate stocks. the problem for day traders is will this shunning of stocks kill all volatility? nobody knows when this comes but its not far off