I would like to see people not compare this market to anything we've seen in recent history. You'll notice I posted a 10 year chart of the SPY above. Look at the decline the '00-'02 market experienced when our biggest problem was overpriced tech stocks!
Also, note all the 'bottoms' between '00-'02 and how significant the rallies can be, and watch out for both of them.
In the short term we are obviously oversold so if your local OTB is closed tomorrow, then by all means get long. I'll be waiting for if/when equities visit the underside of their former support to present another shorting opportunity. Ideally VIX will have also come down by then, making puts less expensive.
Thursday, November 20, 2008
Expiration Day
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