I think so.

Last Night I posted that Fear and Greed were Upon us, specifically:

I would love a big gap down, but the market rarely makes it easy. Probably an up open, and a woosh. If that happens, I have my buy list that I will try with a fixed amount of capital.

I was watching the market from my iPhone in Silicon Valley all day in meetings and there were a ton of fast selloffs from the highs but it looks like we closed at the highs for the most part. Oil and Gold were also down big. The banks have written off everything but their kids at this point.

Leaning too hard on the negative side after this massive financial selloff can get you crushed. If you are extremely bearish, be patient and don’t rush it. There are lot’s of good setups to ease into.

There were some great long trades this morning. I only doubled down in VMW and added some SPYDERS (SPY). Both stormed higher off their lows. I was ecstatic to see my Hansen’s medical finally show some strength.

The most ardent bulls have been caving. That had to happen. You also have some pretty good points to stop out as were have banged these lows hard for a few days.

Any deeper price selloff in the indexes will be trouble, BUT, really step up the fear meter which will be good as well. That’s why if I was a betting man I think this is a tradeable bottom.

Hope you had a great day. I did.

Disclosure – Long VMW, SPY, HNSN.