What's a Lemming?

One might think that the chart above would give the usual cheerleaders some pause.

One would be wrong.

WSJ: "The good news is stocks typically snap back from a bear market in relatively short order."

Apparently, good news is good, bad news is good -- its all good!

That seems to be the philosophical approach some people are taking to the market's turmoil. When things are going swimmingly, you should be a buyer because (of course) markets tend to go up over time. When things are ugly, well that apparently is also a buy signal.

A brief look at the papers this morning has the usual suspects talking up what a buying opportunity this market is. Consider:

What to Do to Survive This Market: "It's hard to time the market, so stay in and benefit from the inevitable turnaround"

Snatching Bargains From Bear's Jaws (WSJ)

Market Update: For Stocks, the Worst Is Over (Kiplingers cover via NYT)

Have Swaps Overdone the Gloom? (WSJ)

To those of use who have spent decades studying contrary indicators, this stuff is laughable -- and quite dangerous. More from Ridholtz here. I use him because he writes in simple terms we can all understand, but those of us who trade know the Journal is bullshit, the NYT is a crap sheet, and all the rest of them cheerleaders for the bulls. This market is in territory that tells me to stay the fuck out and I'm like most guys who don't publish tip sheets but who know a trend when we see it. "Don't try to catch a falling anvil," as the sage of WB, Wiley Coyote proves time after time. As I said in a prior post, 1220 on the S&P is where this is headed and I wouldn't consider a buy before then.
A slight add: an emailer reminds me that prior bear markets saw 50% wipe outs and the 30's depression it was like 80%. He adds that "we ain't seen nothin' yet" if this is really a bear..... This is not a positive market. Don't fight the tape.....