Zee, Jim and Platykurtic all mentioned their bottom detectors are signaling.
This afternoon the market finally seemed to wake to this possibility.
Do we have any other evidence for a temporary bottom? If we look at the midterm election years of the Dow in seasonal charts, they
usually peak mid-April, drop and then rebound into mid-May before continuing down. This year is already not average, because most years the chart generally rises to mid-April, while we are down to mid-April this year. But maybe a May rebound is upon us.
Emphasis on short-term, just as the short-term bottom in mid-March provided a short-term (i.e. two-week) opportunity for nimble traders. Those who were not nimble are sitting on substantial losses. There was some panic-selling last Friday to a smaller degree than in January, along with some relatively high bearish (meaning bearish enough to be bullish) breadth measures in all the markets, which have since reversed markedly. However, when we compare these measures to ANY prior longer-term bottom, there is simply no comparison.