It's Still a Bear Market

Good bounce today. Sold my yesterday's lot of Spiders (SPY) in the end of the day. Hit it to quit it.

I don't believe it's a bottom. We had a typical bear market rally today, 550+ Dow points without any meaningful news. We might even go higher, for a while. But there is no reason for a sustained stock market growth. And mood on the Street is not what it should be at the bottom: we need doom and gloom, complete capitulation of bulls, growling of bears to make a bottom. Real bottom happens when almost everybody is bearish, when almost everybody sold everything. Then, there is nobody else to sell anything and market starts rising. That's about what Jim Cramer says. That's what I'm waiting for. So far, let's make money on volatility.

Full disclosure: at the time of publication author didn't have any positions in SPY. Positions can change any time.