No More Vs

The era of the V bottom is over.  We have gotten to price levels on equities where the demand is being met with supply.  What you saw throughout 2009 and 2010 is a different market.  Stock prices were relatively low and many were underinvested.  But now, at prices which seem overvalued to these eyes, you cannot have faith in stocks bouncing right back and having a V bottom every time we go down.  It is going to be more measured upside and more frequent downturns.  A two-way market. Expecting the bounce from yesterday morning to continue to mid day today as we have options expiration.