Don’t worry - we bottomed already. Weren’t you paying attention when so many smarties said that over and over again the past three months? March was the bottom. Remember? Bernanke set the bottom with the Bear Stearns bailout. Remember? The worst is behind us. Remember? Maybe you and my friend Jack didn’t turn the television on to see all that nonsense.

A few days ago, I heard several morons say stuff like “we were in a bottoming process” and all this takes weeks and months. That’s a neat way to pretend that the previous claims of a firm bottom in March weren’t ridiculous or that we should just sit back and relax and feel fortunate about this new “great buying opportunity” over the next few weeks or months of this “bottoming process.” Good luck with that. And as for this sudden desire to pull out the “C” word (capitulation!) - that is a common tactic by the same bottom callers who are now suggesting that panic is a good thing. They want to assign any bad day as a “capitulation bottom” so we can rescue one stupid and incorrect concept with another stupid and incorrect concept. Capitulations are not required for bottoms and losing money real fast is not a good thing.

I cannot stand bottom calling and I have said it repeatedly on this site. Click here for my last diatribe on this topic. I just like taking days like today and pointing out how wrong the previous claims by experts and media hacks can be. I am wrong too….(about 68% of the time) but as for believing we hit a bottom in March - I wasn’t wrong. Just read through my posts - you might run into this one from June 3rd where I warned about Divergent Signals or the change to bearish on the HEDGEfolios Timing Indicator June 9th.

Listening to people calling bottoms is a dangerous idea - it may make you feel better but that only lasts until the next time you get your bottom handed to you.