This was the bottom - sort of
As I kept pointing out, US stocks are not entirely worthless. Barring a desintegration of the mortgage market (which won't happen without help from the outside), 9200 should be it. This is 35% below the maximum level, and every top fool has capitulated and announced that this market has no bottom. Now, that was it. The Chinese Central bank can still spoil the party, but perennial stupidity of US bondholders seems to be a reasonably safe assumtion. Let us pray for the Bank of China to come to its senses, dump its bonds and sink the mortgage market, but let us also buy this bottom, very cautiously, and with no margin. The danger of missing the next rally is too great, and we don't know if the bear cavalry from Bejging will ever arrive.