Quote from: Torque on September 02, 2014, 07:56:19 PM

Quote from: molecular on September 02, 2014, 07:35:47 PM

Quote from: Roy Badami on September 02, 2014, 05:52:23 PM

It doesn't feel to me that we really have 'blood in the streets' yet. Remember what it was like after the rally to 266 when in early July we were trading in the 60's? I don't think there's anywhere near as much despair here now as their was then....

I remember well. I even panic-sold some coins.

I don't feel that panic yet at all, I'm quite calm in fact. So I agree: we're not there yet.

On the other hand: I haven't been an observer of markets for long enough to acknowledge as fact the necessity of blood on the streets for a bull market to start up.

Where the hell were you guys when Mt Gox imploded, despair hit rock bottom, and the market dive bombed to $389? Not enough blood in the streets for ya? Need two "bottoms" to be satisfied, eh?

That was then. I'm talking about the bear market that we're in now. Turnarounds are often accompanied by maximally pessimal sentiment (aka 'blood in the streets'). I don't think we're there yet (although I can't imagine we're that far off).

But another way. There are, broadly speaking, two types of bullish money: money that's already invested, and money that's sitting on the sidelines, waiting to buy in at the best price. That money is happy to wait the market out, until all the weak hands have been shaken out. We're close, but I'm not sure we're there yet. I'd be surprised if the turnaround doesn't happen in the next few months, though...

EDIT: And it's my guess that there's enough money on the sidelines, that when this market turns, it will turn very quickly, as people scamble to get (back) in...