Is the Bottom in on the Market for 2008?

Hmm sometimes all the gloom and doom of the recession talk results in a glimmer of opportunity according to Raymond James Chief Investment Strategist Jeff Saut.

So where does all this leave us? Well, it seems to me as though the
equity markets put in a bottom of at least near-term significance on January
23rd when the DJIA recorded its second largest daily point swing in history from
down more than 300 points in the morning to up nearly 300 points on the closing
bell (the largest daily point swing since July of 2002). Indeed, I think
the envisioned “selling stampede” ended on that date in session 18 of the
typical 17- to 25-session “selling stampede” and are treating those late-January
“lows” as the internal lows until proven wrong.

Hmm, there really are some real bargains in the market and just about all of them are going up off of that January drop off point. If the charts retest or break through that point then we should look out below. But until that happens we might be able to get in on some really great stocks for cheap.