Just got word that Tony Oz is thinking along the same lines and believes the market is near a significant bottom here. He bought a bit over $500,000 worth of SPY today and will buy more if the market declines again.
His reasoning includes the market having seen capitulation, pessimistic sentiment and he also points to the RSI which has fallen below 20. Watch the 9 minute video for more:
I’m glad to see someone like Tony Oz confirm my own thinking that we are close to a bottom - otherwise, we might as well just flee to the hills and look for a nice cave to hunker down in. Unlike, Jim Cramer, Tony Oz makes infrequent public market calls, so when he does, it merits attention.
Poor Cramer, he just may come to regret his somber advice for people to get out. But then again, knowing him, he will have no problem in sweeping that under the rug, along with all his other unprofitable calls which he never revisits.
Related Posts :
- 10/10/2008 : Global Gloom!!!
- 10/09/2008 Market Recap: Is this time different?
- 10/9/2008 : Market Panic
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