Pessimism @ peak..sign of a turnaround ???

S&P 500 is down 3.12% from 09 high BUT if you pay attention to all commentators you will THINK we must have PLUNGED 20% to be so afraid of this market.....as usual all pundits are trying to "talk the market DOWN to justify their short or bearish position"

RSI in S&P 500 is @ 49.96...generally we turn UP @ 48 area @ close...so we must be NEAR or @ bottom of this pullback...even VIX jumped to 24.31 or a jump of 9.16%...even this fear index is showing sign of a "turnaround"

IF I were you I will pay close attention to "turnaround Tuesday by closing time"...

When everybody is so sure we are gone down ..we generally get a bottom...

AH BIDU plunged $56.98 on outlook......

AH LULU UP 6.38% on higher guidance....

See..... it IS a stock pickers market from now on.....

AH Nikkei is Down 1.2%

AH Futures are mixed

AH Oil is UP

AH Silver is UP

Looks like US$ one day wonder is coming to an end as most currencies are ticking UP....

So..IF you have booked profit...then it may be time to put some capital @ work on Tuesday ?...

BLOG does NOT give buy or sell.

Saleem