I never watch CNBC anymore. I find it annoying. However, today I happened to click it on at the close - Bob Pisani was commenting.

Remember, this is someone Larry has noted IS respectable and worth listening to - (he can comment on that if he wants). He (Bob) does seem to be a voice of reason among an endless parade of false-guru’s, academics, journalists, economists, anaylsts and other psuedo-“experts”.

His comments on the S&P were quite BEARISH. He gave a host of reasons, I won’t try to recount them here – but many of them seemed in keeping with what we’re learning from this post & the SMR. He tho’t today’s action was particulary ominus – money leaving the stock market and it’s NOT finding it’s way to the T-Bonds!

He didn’t say this but… where is the money going? Are people starting to hoard? Invest overseas? I doubt they’re paying off debts.

Of course there were those who disagreed with Bob – some losers I’ve never heard of – probably analysts… I’m pretty sure there were no TRADERS disagreeing with Mr. Pisani!

Just tho’t it was worth mentioning…

The COT remains bearish & the VTO system triggered a new buy today for the QQQQ’s.

-ja

Joe,
I'd say I have to agree with Bob. I did load up on June 42 puts last Thursday. Don't know if this is the begining of the next leg down or not but eventually I'll catch it. The only place I feel comfortable right now is oil.

Gary

Joe,

Yeah, he usually has some useful things to say. I missed most of the action today. But just looking at some charts, evidentally it was pretty ugly. All I know is this market has to get a lot cheaper for the bear market to end. I don't know when it's going to happen and how long it's going to take to happen, but it's going to happen.

Larry

Looks like last weeks decline is continuing. The Nikkei is down 350 already this evening.

Gary

Gary,

You don't have to look at the Nikkei. It's usually just going to follow what New York did on the previous day. Just look at futures. Dow's up 7. S&P up 1.2. Nasdaq up 1.5 as I write.

Larry

Yeah I do that too. Last weeks decline in the Nikkei seemed rather large and extreme. I was interested to see if the recovery would continue this week or fail. At the moment it looks like its going to fail.

Gary

I see that while it closed above the 50 DMA, the SP500 still penetrated below it for the first time since November today ... and on above average volume as well.