When two Dow components like Citigroup and J P Morgan Chase DID NOT participate in the run up from 13k to 14k, I felt that we were nearing a top as though I said last week calling tops is a fools game. This week those two took a further beating owing to bridge loans given on M and A action. When those two very significant Dow 30 stocks find some solid support, I think the market will get back to work on those historical highs.
When despite all the "good news" and all the postive shilling that goes on, and all the efforts by the local dealers in the market to keep prices going up, it tanks this much in two days, I think we can say we have seen the top.
A bargain is not a 1% dip. A bargain is a 30% discount or more on fundamental value. I don't think we have seen real bargains in the US stockmarket since Greenspan succeeded Paul Volker.