Thoughts {09.02.15}

I'm swamped today so I'm going to save some longer reflections for later in the week.  I'll just say that probability still suggests we are trying to put in a bottom of some sort here.  Bottoms don't have to retest the absolute lows from last week and can undercut it slightly.  It is more about a reaction to the event or events than anything else.  Days like yesterday when 499 of the 500 S&P 500 stocks were down is suggestive that the process of bottoming is still in place.  

Also we are not oversold yet on our longer term indicators.  Short term is a different story.  Advisors and the public have become much more negative in the past 10 days so that "bears" watching as well.

Back later in the week.  Hope today's rally holds.

*Long ETFs related to the S&P 500 in client and personal accounts.  Please note these positions can change at any time without notice to our readers.