BTW, the S&P 500 is now below its level at thorstache's first call to fear. He was right; it just took a year and a half for the market to realize it.
Even a stopped clock... In this case the clock had to wait over a year for the world to come around.
If I call "bottom is in" today and it take 18 more months for the market to turn upwards again, can I claim victory too?
Last I checked, thorstach was
still calling the top, as of last month. Are we still at the top? Or is that just supposed to be an observation that market is not currently at an all-time high? That doesn't seem terribly predictive, if it's just an observation about today's prices compared to some historical price. That doesn't tell me anything about tomorrow's price.
In related news, this morning's financial news has been hilarious. First it was "markets stage a comeback from disastrous holiday season" because it was up like 1.5% in the first hour, then it fell into the red and the headlines were changed to "market slide continues" and now it's up almost 2% again. At least this time the headlines are more tentative about the bounce than they were earlier today. I love crazy volatile days, watching the financial news turn itself inside out to explain market gyrations that make no sense. Nobody has any idea what's going to happen over the next hour, much less over the next month.
I almost feel bad for all of the people (including some in this very thread) who tried to tax loss harvest at the end of December and are currently sitting out of the market for today's apparent rebound. Maybe it will all work out for the best, but anyone who's out today is going to have to overcome a
2.5% 5% penalty (plus trading costs) for having missed today's little mini-bump.