Let's face it. As you know, Tim keeps us all in check with super chart work and observations. It is undeniable that significant damage has been done to the highly speculative end of the market. Likewise, we are seeing former blue chip darlings being taken out and shot on almost a daily basis. They simply are not coming back, for now.
Rotation is schizophrenic and haphazard.
It's the juncture of confidence, not necessarily price. Clearly the public did not blink on the first go around on the downside. There were no net redemptions in mutual funds. If we are truly in a bear market, decisively breaking the old lows may just turn the tide of perception and confidence. Certainly this remains a possibility as opposed to a certainty.