The 1155 level I called for Friday could be in focus today or tomorrow as the world breaths a big sigh of relief that the Europeans are embracing the Keynesian approach to bailouts. There's talk of a multi-trillion dollar bailout now.
Melissa Lee's lead this morning at the top of Squawk On The Street said that Wall Street was "hoping for some gains this week."
Hope is not a strategy. Hope does not mark a bottom, either.
Dashed hopes. Pessimism. Fear. Despair. These are the emotions that mark a bottom.
We're not there yet.
What could bring about dashed hopes? Germany could simply say No to levering up the EFSF. When the markets then figure out that the European sovereign debt crisis is many times worse than the Lehman collapse, the rest of the emotions will come quickly.
It will then be time to buy.
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