Too Many Bottom Callers

I read so many bottom calls last night, I had that bad feeling we still weren’t there. And what’s up with GS?  Or I should write.. What’s holding it up?  I’d like to see it retest 85 before the malaise is over.  A close at the lows today would quiet the bottom callers.  Me included.  Follow that with a spike down tomorrow.. and recovery, and maybe we’ll get that bottom everyone’s trying to find.

The Nasdaq just hit a higher high candle on it’s 60-minute chart.  That creates a higher low pivot, but in this downtrend, it’s still very risky buying it.  A bottom will come when the market pukes, and recovers in the same day.  Advance/Decline stats have to show 70-80% upside volume on the recovery and close in the green.  That’s a safer buy then right now.

For now I’m sitting on my hands and watching, but will look to buy a spike down tomorrow on Wednesday, if the market closes near today’s lows.