The S&P 500 is down 22.14% since the beginning of 2008, the worst since the Great Depression. The stock market feels somewhat oversold to me. Stock futures moved higher overnight, but have cut those gains by about 2/3. My gut tells me that we are due for a correction sometime soon. We are ripe for one of the "false dawns" that was mentioned by Hoisington Management in one of my posts a few weeks ago. It will be temporary!I don't believe that we are ready for a solid or sustained recovery yet. I don't even believe that the worst is yet over. Circumstances are going to get much worse before we see a sustained recovery.
