The Bernanke wake-up call continues. This time with a healthy dose of a commodity collapse, a collapse in European banks and a sense that things are spinning totally out of control.
At this point what happens is the levels take over. We look for touchstones, and I come back to levels ascribed to the hot hands. The levels say we do not hold, that this is not a significant signpost for a bottom. Doesn't mean we couldn't bounce. And, nobody ever made a dime panicking.
But it does mean to me that we aren't done. We are in the vortex, we are at a fulcrum and the last time we were here, we were worse off than now, as Ben Bernanke told us.
So, wait for a better moment to sell. We are not down enough to buy. I will take a pass until we get to a more significant level. Or something macro happens that is better than what has occurred.
Remember, no Lehman.
But, that doesn't mean no more downside.