We're confident that it will get it. In the meantime, we've got another question for you. There is a lot of talk about capitulation, oversold stock markets, and too excessive pessimism. Unfortunately the talk is geared toward looking for these characteristics. Everyone is looking for a sign that the next sell off is the capitulative one.
Speculators are hurtin' to make some money.
And many of them are new to the business of speculation. Our sense is that they have been sold so many bottoms now that they are running out of excuses to give to the rapidly aging credit manager at whichever brokerage firm their dealings are with. And so far, there really hasn't been any reprieve for them. With the exceptions of Messrs. Galvin and Yardeni, who are still allowed on TV to prospect for new accounts, most analysts have now become afraid to call a bottom. But don't get too excited, for we don't see a real bottom in the broader market, Nasdaq or otherwise, anywhere in sight.