The Nasdaq climbed nearly 25 percent after the first cut, and was still up about 20 percent after the second. But those gains didn't stick. And, a spate of economic news, including this week's news that inflation spiked by its highest amount in 10 months, has only compounded investors' woes. Still, that doesn't mean there won't be rallies in the coming weeks. Bear market rallies tend to look better than the real thing.
Investors seem as mixed up as the market.
Still, some, like Jim Davis, a truck parts distributor from Coral Springs, Fla., remain hopeful that the worst is over. Davis said he's encouraged by how dependent Americans and the economy are on technology. I would hate to sell at this bottom. I am in it for the long haul. Davis' strategy is a wise one, said Hogan, the Jefferies analyst.