We continue to believe that a bottom is forming. We would be earmarking attractive values for purchase soon.
Significant turnarounds occur when it appears that all defenses against a slide have broken down.
Fundamentals are called into question and technical support levels fail to hold. Resolution of the presidential impasse, which still wasn't in sight as we wrote this last Wednesday because of the holiday, won't by itself turn the tide, especially since doubts will continue regarding the validity of the outcome. But settlement either way should provide at least a modest boost. They should, nevertheless, help calm concerns about a broad profit slump. It would be nice to see the Fed declare victory against inflation.