The term "generational low" is getting thrown around quite a bit lately. When markets fall as fast and as much as this one, it isn't too surprising, but for most market participants, it isn't very helpful terminology. The obvious intent is to signal that there is an opportunity unlike any we are likely to see for the rest of our lives. It is sensationalist and attracts attention, but it is misleading and counterproductive.
When there is a focus on calling a "generational low," then the main goal is to simply identify a low point. That low point is not necessarily the best time to buy, nor the only time to buy. The low is just part of the process in the development and resolution of a bear market. If you focus too much on trying to time the low point, there is a tendency to take on too much risk. If the prediction proves wrong, many of the timers fail to use proper risk management.
The reality is that there is an endless number of opportunities in the market and the best ones are not at the absolute or 'generational' low. The best opportunities occur only after a low is formed and a positive or bull market is in place. If the goal is to be fully invested at the exact moment the market hits a low, I can guarantee you that the buyer is sitting on large unrealized losses already and won't be back to even for a while.
I bring this topic up now, because I hear some market participants lament that they have missed the "generational low." The reality is that they haven't missed a thing. Even if this market does not retest lows, there will be numerous opportunities as we move through this difficult period.
In my 25 years of trading, I have almost always been holding extremely high levels of cash at the "generational low." That has not inhibited my ability to produce profits one bit. It is important to think of a bear market as an ongoing situation and not just a single point in time that will bring it to a conclusion.
This is going to be a bear market for a while, even though this counter-trend bounce is making some folks giddy. No matter what the market does from here there will be fantastic opportunities. Just don't be impatient or worry that you have missed out.