No, not kidding. Trader Mike provides a technical analysis update, suggesting we’re still not oversold, and the futures seem to agree with him.
September 15, 2008 Recap: Still Not Oversold
By Michael on Sep 15, 2008 in Stock Market
Excerpt: "One can just look at the NYSE Composite down 5.09% to know what kind of day this was — a great one to be a bear. The selling was widespread and intense. The only sector that I see up on the day was airlines and that was only up 0.12%. Financials obviously led the way down today with a 9.74% drop in the XLF. Energy wasn’t far behind with a 7.66% drop. But what really got my attention was the Russell 2000 finally getting hit. Over the last week or so I kept talking about how I thought we couldn’t truly bottom until all stocks got hit. It looks like we’re heading in that direction now. (BTW, it’s supposed to say “mucK” on the chart below, not “mucH”.)"
Charts and more here.
