Yep, Thursday Ends in a "Y"

Another day, another 450 points on the Dow. How many times can I say WOW! I don't know. No bounces, no rallies, NOTHING. I kept guessing on when a bounce would be and would get burned. I learned my lesson and didn't even try today. Whew.

So, where is the bottom? When is the bottom? Well the REAL bottom won't be here until February or March and we'll rally til we start the next leg down. As to where this leg bottoms, I can't even guess. We blew through all of the support lines. I'm reading that somewhere in the 600's on the S&P is where we'll find it in the short term.

But here's my question to myself... what's going to be the catalyst for the rally? There has to be something. Technically yes, we'll have one, but what will trigger it to begin? The bailout of the automakers isn't going to happen, banking is going off a cliff, insurance companies and home builders are trying to get a handout from the government.

I'm sure something will come up, but until I see a reason for a rally I'm sitting on the sidelines. I'm ready to put my retirement back in for the 3 month move up at which time I'll yank it back out again.

I'll do my best to keep everyone up to speed on what all the geeks and gurus out there are saying. They've called things pretty well so far.

The service I paid for is paying off and is very informative. I'll continue with it.