The stock indexes got hammered again today, but some late buying relieved some of the damage, and indexes closed well off their lows. The Nasdaq was able to bounce enough late in the day to create some evidence of price rejection at the lows, although there was much volume at lower levels. This created a bit of an upturn from oversold levels in the double stochastic indicator. But trends are still sharply down, so any probes I might do from the long side will be quick scalps. The advance/decline ratios are still in the toilet. There is no evidence of divergences yet, at least in the indicators I watch. Sentiment is about as negative as it gets, and VIX is at very high levels, so it seems a bounce might be expected. But there doesn’t seem to be the sense of capitulation yet, at least not by volume. It seems a decline of this magnitude will take much time to reverse, and I would think there would be many momentum divergences accompanyed by declining volume, before this can turn around. Of course a V shaped bottom is always possible, but less likely in my opinion. This market feels different from previous bear markets. I still think the roller coaster graphic in the upper left corner is still most appropriate. Anything more I would add would just be a wild guess. As soon as the technical picture clears up for me, I’ll post chart and more detailed commentary. Meanwhile I’ll do a lot of watching and try to do as little damage to my account as possible.