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Well I cannot speak for GMX, but personally I'm not hoping for a new bottom.  I posted my blog because I firmly believe that we are in for tougher times ahead.  In real life my portfolio is 100% long because I invest more for the long term, so I would love to see an economic recovery this year.  But on the other hand I'm also a realist.  I've been paying attention to all the economic data that has been presented and I dont see an economic recovery coming this year.  There are too many shoes that still havent dropped. 

  Also, it seems like all this buying over the last 2 months have been based on a (media-fueled) overly-hyped hope that the economy will recover this year.   I'm not denying that the market was oversold in february (If you check my post I never implied that the market wasn't oversold).  However we are talking about an almost 2000 point jump in 2 months.  That is unrealistic. Even if the economy was recovering, the market should not move up that fast.  I feel that once the DOW past 7700  we were entering into the "overbought" territory based on overall economic fundamentals. 

Simple fact is, there are still alot of inefficiencies that need to be fully corrected out of the economy and history has proven that these corrections often overshoot to the downside before a full recovery.   Until all the shoes drop and we have that final overshoot to the downside, I'm not convinced that we've finally hit bottom.  I think Statsgeek probably explains my position the best on why we havent hit bottom.

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