The Market Still Hasn't Found What It's Looking For

SAN FRANCISCO -- Today was one of those days that make you go, "hmm, maybe Bill Fleckenstein was right when the famously bearish hedge fund manager said here recently that it can't be a bottom when everyone is looking for a bottom."

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I was thinking about Fleck's fecundity over the weekend while reading what amounted to a startlingly bullish issue of Barron's (which included a feature on Don Hays that essentially reiterated what was reported here back on March 20).

Fleckenstein's message rang louder still today as the Dow Jones Industrial Average fell 1%, the S&P 500 declined 1.3% and the Nasdaq Composite shed 3.1% to 1782.97, yet another new 52-week low. In fact, it's the tech-savaged index's lowest close since Oct. 30, 1998. ...