Mark Krieger submits:Remember "irrational exuberance?" Well, it has now turned to "irrational pessimism." The market has gone full circle from one extreme to another. Last Friday's news of the bailout bill being passed, turned out to be a selling opportunity. It was predictable, as the smart money ended up "buying the rumor" and then quickly turning to a "selling the news" attitude, so Friday's 450 point swing was not surprising.

Bearish sentiment is at a high point, rendering "silent buy signals" to the smart money. There was no doubt plenty of selling going on, but to be fair, the selling is offset, by an identical amount of buying. The good news is this extremely oversold condition grants a target rich environment for value players looking to pick the low hanging fruit. The bad news is my head was handed to me on a platter as a majority of my holdings all managed to achieve new 52-week lows.


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