I am a bull … for now
Reasons:
- We had now an EXTREME Sell Off.
- We had a RECORD VIX reading AND(!) today a higher reading, not confirmed by lower prices.
- The VIX made a reversal today … after hitting 81(!!!) we closed at 67.
- Breadth readings are at all time low.
- Today, EVERYBODY I talked to was bearish.
- The DAX Cash held its 76% retracement.
- Most Earnings come in BETTER than expected, even from banks and techs.
- Everybody who is not already shaken out, will not be shaken out on the next “some” points either.
- The monthly chart had the “wide-range-bar”, which often tells you, a correction is due.
So … do I think, we will go straight up? NO 
Do I think, the crisis has been solved? NO
I just think, that it is the time to be contrarian … as I did not like to own a single stock, one year ago, now I DON’T WANT TO BE SHORT ONE 
IMHO … HERE is a short term bottom … around here I think, it is worth a buy for a bounce and(!) a long term buy as well …
If it gets cheaper … I will buy more
NO LEVERAGE … just an affordable position …
What I saw today, I rate a STRONG BUY SIGNAL!
If time allows, I might post some charts tomorrow!
Take care and enjoy the ride!
Tags: breadth, BULL, correction, outlook, VIX
