From The Pragmatic Capitalist:

This never occurred to me during yesterday’s sell-off, but what we experienced was in fact very similar to the inverse of what you see at a major market bottom.

Very often at market bottoms the market will reverse course on bad news as the sellers climax and the buyers are all that’s left. The news continues to come out fairly negative, but there are no sellers left. The buyers stampede and a new bottom is formed. What we saw yesterday was potentially the opposite.

David Rosenberg elaborates:

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