The vast majority of the investing world wants to feel as if we have seen the bottom. They never put their flashlights down looking for the glimmers of hope, or mustard seeds as Kudlow calls them, that the worst is behind us.

But why should it be?

Technically the market has to take out the last high which at a minimum is ES 942.75 and clearly on its last two tries it couldn’t get through the 875 area. As Boaz Weinstein who I wrote about last week was prone to say “this isn’t rocket surgery.” Bear markets are bear markets as long as you get lower highs… which is exactly what we have… the only question is WHEN not where will the next low be?