Temporarily oversold: Another chance to exit

The market opened gap down.. my conversation and recommendation this morning are reproduced below.

Lee K: we are down 25% in a couple of weeks..if not now for a pull back..when?

Lee K: october 1 2008 nifty close 3950 today its at 3115 or down 23%..i said get out earlier..now it is oversold

Lee K: market deeply oversold...short term...desperate to bounce...all fingers are shaking as they approach the buy button and Bernanke/Paulson/Bush have banned the word "buy" from the english language...dont know how we go up...but it seems some uptrend is likely for a day? few hours?

Lee K: upside limit is 3425...anywhere close sell again

This is a vicious bear market...rallies are exit opportunities...not entry points. The US economy entered formal recession according to the FED...there is no quick fix to the underlying economy and markets are gyrating due to liquidity issues...the pain of credit contraction due to losses, impairment of consumer balance sheets has no quick fix.

The Hedge fund outlook is even more dangerous for our markets with forecasts of redemptions in the hundreds of billions which could lead to sales of a trillion dollar of assets world-wide due to the leveraging.

Winter is here...gather your nuts and hibernate.