Dow teeters on edge. Bottom fishers catch deadcat fish?

Posted on Oct 25, 2008 by WHC Bassetti in Letters

Dead cat.  Get it?  The dead cat bounce is over and the market is now the site of a tug of war between bottom fishers and paniced sellers.  As there is no clear signal the way to stay is short (if you were already short) or out.  New shorts or longs or anything at this point is just cruising for a bruising if you are an investor.  Stocks are cheap?  What makes you think that?  the P/E ratios are still historically high even at the sold off prices.  Mark Hulbert at Marketwatch.com has a useful column on this subject.

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