Just to be clear, cooling off from overbought conditions means the market environment has improved compared to before. It does not mean a bottom is confirmed or that a trend reversal should be expected. Conditions may look better than before, but they are not fully resolved yet. Most importantly, there is still no sign of buying liquidity that is ready to take advantage of this environment. That is the key point. If my view changes, as always, I will state it clearly. For now, this is not the time, and it will likely take longer than many expect.(mignolet)