The market continued to search for a bottom Wednesday, as a fresh round of disappointment over corporate earnings offered further proof that a turning point might not have arrived.
Market analysts have been racing to call a market bottom in recent weeks as stocks have shed more than 30 percent of their value from the highs of a year ago this month.
If you watch Fast Money regularly you know that on October 13th Oppenheimer chief market strategist told the traders the market had bottomed.
However, others say a true bottom—and a subsequent turning point—won't happen until at least the early part of 2009. One of those people is Fast Money fan John L. who tells us, "Carter Worth may be completely wrong. He is reading the news rather than the charts." He also says "There has to be CAPITULATION in a down market like this, and to be promoting stocks at this time rather than seeking safety is foolish."
And John L. is in good company. On October 14th John Roque of Natixis Bleichroeder told us "there’s a good chance the market will retest the lows on the S&P".
Chad A. seems to agree too. he says, "I am completely out of the market as of early last week, except for 401k, and my 8 month emergency fund is in cash on hand.
All good points, but here's another good point. Few market mavens have been more accurate than Carter Worth and he's convinced the bottom has already occurred.
And that leads to our Fast Money Reader Poll. Do you agree with Carter Worth that the market has bottomed?
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CNBC.com with wires