One fact that really makes me think this market has further to fall is the bullish sentiment in the Investors Intelligence poll. According to IBD, last Wednesday’s poll showed twice as many bulls than bears. Bottoms often occur when there are more bears than bulls. This is a contrary indicator. When many are bearish, the market is usually too oversold and ready to reverse up.
Dr Wish, you are correct that this is not the bottom. IBD has been saying for about one month that “market in correction”, and they are right too! I need to pay heed.