Oversold Battered Bruised

Look I now I am not saying anything that people already don't know, we are deeply oversold and at a level where we usually bounce, take a look at one of my favorite indicators to call that bounce the $BPCOMQ (see previous posts). We are right at the level of the two last bounces I called, and we are below the August 16th low. But whats disturbing is that we are making lower highs when we do bounce. That is why I think its not a bottom but just a bounce. For this thinking to change we have to take out 40 on the $BPCOMPQ. For this to happen, I think the FED has to do something spectacular, something the market does not expect to get us above 40. Unfortunately, I think they won't.