Allow me to play the devil's advocate and be the bull for the first time in 24 months.
The chart below represent four bonafide buying opportunities over the past 27 years...and we are in one of them now.
The chart is the SP500 dated back since the 1982 low. It is still in an uptrend and the downside may indeed be somewhat limited.
The risk - as we see the stochastic troll on the bottom percentile between 2001-2003 we may indeed see the same again between 2008-2011. The longer the troll, the bigger the bounce.
That's the risk - I do forsee a bounce in the markets soon and the stochastics will trade in the upper percentile by eoy 2010 then down again making a monumental low in 2013.
Just my thoughts.
sp500, page-21
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