I don't know. I really don't. The negativity is pervasive. It oozes out of CNBC and out of every facet of the media distribution.
Today there is no individual story to any stock. Most of the big-boys you see are just scared or selling. Even the bullish ones are saying to be patient. (Basically, their bullishness has a caveat so they will not be wrong.)
Its a fucken joke.
First the market was selling off on the US debt downgrade, then the fear of a credit freeze, now a massive global slow down. Initially the global slow down was coming from Europe, but now its fear of China growth toward 5%. (Every week the story changes.)
Individual, company specific, stories be damned. Apple is entering a new product cycle with additional carriers (including Sprint, China Telcom and China Mobile) increasing their potential revenue by some $30-50B, while running on all cylinders, is to be shorted because ALL of technology must go down!?!?!?!
Or sell QCOM 'just because' all technology must go down despite having direct exposure to the iPhone 5 with expanded carrier base!?!?!?
I understand the psychology, but I think the logic is incorrect.
I understand why investors are on edge, especially because of the weight they put on copper. And I do not expect most of wall street to look past the obvious to look through the internals of the copper market.
Everyone is scared because of these indicators, and they are throwing away the baby with the bath water. Maybe they can bring down IBM to the 170 level or POT to 43 or AXP to 43 or AAPL to the high 370s or QCOM to the 47 level.