Although this is bound to cause delight amongst a few folks, the past three weeks have been utter torture for me. There have been many reasons for this, but one of them, of course, has been the brutal counter-trend rally which seems to have strength drawn from another dimension.
Of course, what’s maddening is that it wasn’t a secret that things were badly oversold on February 11th. Indeed, I took the time yesterday to read every post from 2/11 to see what people were saying. I figured everyone would be screaming at me to get out. Nope. Everyone – – both authors of posts (Springheel Jack, for instance) as well as the commenters were all jumping up and down about the next leg down, be it 1750 (conservatively) or the 1500s. So the atmosphere was definitely “bearish now and bearish to stay.” Of course, the oversold state of the market is plain as the nose on my face now: