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this quote from Decision Point.com
BEAR MARKET RULES
It is generally acknowledged that we are in a bear market, but people are
still thinking in terms of bull market rules. I have been emphasizing in the
Decision Point Alert that we have to shift gears in a bear market because
everything works in reverse of what we got used to in the bull market.
Overbought conditions usually result in price tops, and oversold conditions
usually will not result in a tradable bottom. This is a hard concept for
people to grasp after a decade-long bull market, and my observation is that
most are still struggling with it. Yes, there will be oversold bounces, but
the odds are strongly against this reaction that was so reliable in the bull
market, and the bounces we do get will usually fizzle early. Go ahead and
play the bear market rallies if you are so inclined, but stay in a short-term
mind set.
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