After having officially broken all types of support - The Dow at around 12700, the S&P at 1400 and the Nasdaq at around 2540 it looks like we are officially in a bear market. Can't argue the facts. Slower growth ahead and a recession on the horizon though by my count we are already in one.
Despite the bearish picture on the horizon I am looking for some type of bounce and even a sustainable rally on the near horizon. I can't help but feel with all the doom and gloom that there will be a strong rally that could life the major indices 3-4% at a minimum. At the moment I am short financials and real estate while having taken a long position in the QLD in anticpation of a bounce in the Nasdaq and the Qs in particular which are down over 12% in the last 10 trading sessions.
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