Lack of Panic in Market Suggests Bottom Isn't Here Yet

7/8 - "We are doing all the things necessary to form a bottom - the natural gas stocks are finally being hit, fertilizer is now joining coal in the outhouse, and we are getting some minor rotation into financials. All things we've been looking for to form a bottom.

On the negative side - this move into technology as 'safe haven' is, aside from idiotic, stalling the process - now people are using Apple (AAPL) and Google (GOOG) as safe havens. We need to eliminate all safe havens. And then it will be safe(r) to swim."

"This has to be one of the more orderly carnages I've ever seen. We're taking a lot of boffo hits in the portfolio in individual names, but I remain on the sideline with new buy orders despite some salivating prices since I want to have cash at the ready when (if) a real panic emerges. I still don't see that panic. Maybe there will be no "panic moment...