Blogs & Comment

Did we just hit bottom?

I posted a column last week in which I repeated stock market analyst Harry Dents call that markets would soon start their strong post-crash rally. At the time Dent was looking for a bottom, and with the Dow dipping below 6,500 over the last two days, he seems to have it. Dent has just sent out an update to his subscribers suggesting yesterday represents the market bottom for this cycle and that were on our way to the long-awaited bounce so many investors have been counting on. Dent likes the idea that it was financials and banks that rallied yesterday while the rest of the market continued down. It has been the banks and financials that have brought the markets down since the lows in November, and it will be banks that lead us out he says. The market is already bouncing strongly this morning; the Dow is already up a strong 300 points this morning. This is it says Dent. Oil is clearly breaking out while gold continues to break down. More aggressive investors should buy here on any pullbacks,” Dent explains. “More cautious investors may want to wait for further confirmation with a break above 7,100. The sectors that will lead will be financials, emerging markets, Asia/China and oil/energy.