DOW SHEDS 358 MORE POINTS, THE BOTTOM IS NOT HERE YET

In a sense I feel vindicated as the DOW shed yet another 358 points today to close at 11,458 and some change because just a few days ago I said I thought the market had not yet bottomed and would go lower. I'm saddened that the market needs to undergo this massive correction and that the market and economy has had to give up so much, but that's the way of the market. It operates in cycles and this is a down one. Certainly my portfolio is wheezing heftily by now, but it will survive the storm in the long term.

I think we will have a short rally midweek next week to gain back around 150-225 points, probably hold on to most of that to next Friday, but the week following we're going to see more losses. That said, I'm going to make the call right here that next week is still a sit it out and wait period. I wouldn't be buying this market at all for the moment. The market is going lower.