Keep Your Powder Dry

 | Sep 22, 2011 | 4:17 PM EDT
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Could have been better. I wanted it down more -- much more. This bogus rally at the end was about hope. The market didn't take out any key levels that would inspire panic and wholesale capitulation.

That's not good enough. That's not what we want.

You want to get to the bottom of this? We need people to say, "Forget about it. Get me out. There's no hope." The rally at the close tells me, "Nope -- not yet."

It's too bad. Keep your powder dry, as this is not how to bottom.

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