I suspect the bottom will occur sometime in February or March of 2023. 23Q1 earnings will hit the market like a wet blanket. I don't expect an immediate recovery, either. This could easily be 6 months of acute pain after a year of mild pain. So, I continue to hold over 20% cash but have not sold anything in anticipation.
No capitulation yet. Money is flowing out of stocks and into other investments or waiting on the sidelines.
