I still believe the market is down to its correct levels, having priced in bad employment, debt levels and stalling GM bail outs. As they say 'the market is always right'.
I believe that most investors who have hung on down to these levels will continue to stay on board. Why sell if it falls another 10% when there will be another bounce around the corner. The bear rallies will allow some to off load their losses, but will also bring on board value seeking investors.
How bad is the fear? I think most are over it. You, me, us have seen enough 500, 700, 800 point falls in the last year to last 3 life times. The good thing is that many traders now have become are lot more educated and wiser - most agree not to sell in a fall but in the following rally. That's why panic appears to be thin and optimism is creeping back into the daily charts.
Cheers!.
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