Traders Ya Ain't Seen Bottom Yet

Pretty rare to see a concensus of market predictions as a headline but Bloomberg has one.

The Standard & Poor's 500 Index is poised to extend this year's 42 percent drop after a rally from last week's five-year low lasted just one day, say analysts who study charts of trading patterns and prices to forecast changes in stocks.

After rebounding 11 percent Nov. 13, the benchmark index for American equities slipped 6.6 percent during the last two days and will probably keep falling past 818.69, its lowest level since 2003, according to three top-ranked technical analysts. The S&P 500 declined below its Oct. 10 low of 839.8 before rallying last week, making it a ``retest'' to chart readers.

I guess when it's the obvious, the stock market has not bottomed out, it's probably a safe thing to publish.

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When market pundits are unanimously bearish or bullish...

... history shows it is an excellent strategy to take the opposing view.

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LOL

This would make an excellent blog post. "The pundits say" "this is what happened" over a long period.

Man, my only question is how do I become a pundit? Seems one can say anything at all and get quite a large salary!

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