This blog post originally appeared on RealMoney Silver on March 6 at 9:56 a.m. EST. On Monday night, I suggested on " The Kudlow Report" that the stock market could be within three days of making a 2009 bottom. As yesterday was the third day, my forecast is now on the line. I am not hiding from my bottom call. If anything, I feel even better today than I did on Monday evening with Sir Larry Kudlow that my expectation might prove to be accurate, particularly in the current backdrop of attractive valuations and an extremely negative sentiment reading, or, as I describe, " Irrational Non-Exuberance." Most important, there are initial signs that several elements on my checklist are turning more positive. Not surprisingly, many investors suffering wealth destruction from the downward spiral in stock prices have grown increasingly impatient. They want instant satisfaction from Mr. Market, but, as RealMoney's Helene Meisler often reminds us, tops are umbrellas and bottoms are saucers. I see the bottoming process as commencing now. Today, the jobs numbers' prior-month revisions confirmed what we all know; the employment picture is poor. The newly minted permabear media -- they were permabulls for years! -- are dwelling on the weak release but are failing, in my view, to recognize that it's how markets respond to bad news that is often more important than the news itself. So stay tuned!
Know What You Own: Dell operates in the personal computer industry, and some of the other stocks in its field include Apple (AAPL) and Hewlett Packard (HPQ). Costco operates in the discount variety store industry, and some of the other stocks in its field include Wal-Mart (WMT), Target (TGT) and Family Dollar (FDO). For more on the value of knowing what you own, visit TheStreet.com's Investing A-to-Z section.
How you can survive -- and even prosper -- in a rocky midyear market? Get the "best ideas to make real money" from Jim Cramer, Doug Kass, Helene Meisler and other RealMoney experts at our May 2 Investment Conference. Learn more here.