Tim Knight, in this evening's Slope of Hope blog entry, thinks the market is still going to go down and he is usually right about that. Here is his latest projection:
* Long-Term (earlyish 2009 forward) - mega-bearish
* Medium-Term (next couple of months) - bullish
* Short-Term (minutes/hours/day or two) - bearish
Looks like it is wise to be wary short-term and keep vigilant. But surely, buying up stocks that look amazingly cheap can't be that bad a strategy. I call most stocks oversold at this point. I don't agree with him and hope he will have to change his long-term tune. Then again, I could be wrong. Stock prices could stay flat for some time, I suppose, but I hope not. One of us is going to be correct, and it will be me.