Trader Mike’s right, the 3 to 4% losses today seemed pretty good by the time of the close.
October 6, 2008 Recap: Bulls win??? »
Excerpt: "You know things are bad when 3 to 4% losses feel like a victory for the bulls. Today was the type of day that many traders, myself included, like to see when the market’s trying to bottom. The market sold off extremely hard for most of the day and then we got a “snapper” rally in the last hour. The Dow jumped almost 400 points from 3:00 to 3:30. That type of rally can really get the bears on the defensive (buying), especially those who over-reached.
Speaking of over-reaching bears… I always like to watch my site’s referral logs on days like today and I was a little surprised at what I saw today. For most of the day my “inverse ETF” list got a lot of traffic. Usually when I see over 25% of my traffic going to that page it’s a good sign of a short-term bottom."…
