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Trader Is Buying—But Says You Need 'Nerves of Steel'

Search for a bottom. One trader messaged me that it takes "nerves of steel," but he is buying today. "The last hour will be key, if they hold together and either stay flattish or rally more very good sign....the longer we stay up here and rally will force the big short to reconsider," he said.

I noted in an earlier blog that corporate insider buying had increased. Charles Biderman at TrimTabs.com messaged me this morning to say that the average daily insider buying month-to-date is the second highest since June 2008, only after Nov 2010.

Another trader said that the corporate buyback business was up over 100% over the last two weeks on one very large trading desk. "Companies are clearly getting aggressive in this environment," he said.

Finally, there's an amusing little piece on Warren Buffett on CNN Money today...Mr. Buffett couldn't be more happier with the recent decline, saying "the lower things go, the more I buy. We are in the business of buying."

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