Earlier today, Art Hogan, Jefferies Managing Director, stuck his neck out, calling the market bottom.
Jefferies managing director Art Hogan went way out on a limb to call the market bottom today. "This market is indiscriminately selling and ignoring good news out of IBM, GE, and ignoring good news on the monetary policy front," says Hogan. "all of that's being ignored while we're in liquidation mode." As a result, Hogan believes the pendulum's ready to swing the other way. "I think if you look at all the carnage we've done to the major indices, the bottom gets put in today."
In the midst of today's continued deep selloff, one notable factor that stood out was the trading volume.
Up till now the trading volumes pre-requisite of a capitulation among market participants has not been present. Today, so far, volume has been double the daily volume of other selloff days.
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