It's what people think that cause them to loose money. The tape says it all. No opinion, no thinking, just raw price action tells it all. It's trading below all "major" moving avgs. and that's a sell, no bull just fact.
well Mr. tape guy, oversold is a bullish buy signal and that's a fact. Shorts and sellers get screwed that way all the time.
Just look at oil............the tape changed due to ECB news and then additional news from Isreal this morning. The tape changes due to other factors. If markets bounce off the oversold conditions and shorts don't want to stay short into earnings then the tape will change. Absent news, the tape rules, but the opposite is true when there are other factors.