With market continued to turn lower, and oil continued to turn higher, I think following things will be signs of a market bottom, even though it maybe a short term bottom:
- Oil touches $150.
- Financial stocks refuse to drop, even with bad news.
- Airline stocks refuse to drop, even with bad news.
- Coal stocks continue to drop, even with new record high oil.
- Fertilizer stocks continue to drop, even with record high agriculture commodities.
We already see 4 and 5. We need 2 and 3, specially, we need 1, we have to have oil at a new record in order to see a short term bottom in the market. I think we're near that point, maybe as early as next week.
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