After thinking about it, I have decided last week's lows are within 5% of the market's ultimate bottom. Obviously, I think there is a good chance of another downward movement. Nevertheless, I am seeing signs that I find encouraging. In particular, the market seems to realize many financial services companies are priced (from an equity perspective) at a low percentage of their book value. Indeed, many of them are priced as if they are automatically going out of business – even if their operating units are making money.
Tomorrow: My moves explained.