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I say things on Twitter

10/17/08

I think we saw the market bottom yesterday....

Can you sniff the bottom, too?

....but I'm not betting on it, not yet anyway. I'm still very much in cautious whuss mode and want some decent, solid evidence before jumping in in any great way, shape or form. No heroics, no "nailing the bottom", no diving in from your boring, boring Otto.

As a reminder, apart from the LT port (simply doesn't count) I've been in cash bar a few SLV for weeks. I've had a couple of splash'n'dashes along the way and even made a buck or two, but nothing serious and nothing held for more than a couple of days. So that cash is sitting there waiting for a home, and it'll get one if the dollar drops and the market either holds or rises at the same time. I'm not worried about mssing the first 10% of any move, as long as the move is backed up by some decent fundies....and I'm beginning to sniff a few.

UPDATE Friday morning: Here's another reason to sniff that bottom: headlines such as these these this morning...
...and the broad markets rally off early lows. That's a good sign. And I forgot one of the best signs of all; Jim Cramer called "panic sell" last week.