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Are people negative enough? Are there still many happy speakers who believe that the worst is over and that we are about to step back and gather?
This afternoon, while I was attending Scott Wapner's "Half-time Financial Report" on CNBC our entire panel was consistently negative on the market.
We all felt that it was hard to realize the seriousness of the problems and the number of companies affected by China, the dollar, the Fed, the raw costs and the problems related to the chain of 39; supply.
The only thing the market had to gain was that we all hated it. Often, the market fools you when there is such a uniform hatred.
But you need a spark. You need something that is a blockbuster, which stands out and makes short sellers less emboldened and less negative.
It is in my nature to want to be optimistic and constructive. I want to be able to use this weakness to buy, buy, buy.
But the truth is that I told the members of the actionalertsplus.com club this morning that we still did not like the market and that it was not too late to sell. We have only made a single minimal purchase on a distressed title in the financial sector, which, in my opinion, is not as serious as the press seems to say.
We have earnings coming out this week. But we are caught off guard for the moment, which can trigger such a brief pressure.
Negativity is right.
The happy conversation is wrong.
Until we get something that is really based on the truth and not just about the hope that things will improve.
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