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According to a number of so-called market pundits, we're fairly matured into the recession and nearing a point where we would normally anticipate putting in a bottom.
Despite that all, I think that we are putting in a bottom.
"What we're in the process of doing is putting in a bottom," he added.
Shares of Take-Two pulled back with the rest of the market in July and August before finally putting in a bottom at $11.82.
After putting in a bottom in the 106 region during the summer, the stock has soared along the support of its ascending 10-day and 20-day moving averages.
When the VIX closed two consecutive sessions below the 10 level (on Nov. 20 and 21), the SPX pulled back following the Thanksgiving holiday roughly 1.4% before putting in a bottom.
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But "once those rumors were dispelled," said Bryan Piskorowski, market commentator for Prudential Securities, "the market was able to put in a bottom midsession and rally back".
Meanwhile, investors appear confident that the shares have put in a bottom.
Furthermore, since the market put in a bottom during July, all corrections so far have occurred in non-expiration weeks.
In fact, it appears the security is still struggling to put in a bottom, as it drops under resistance at its 10-day and 20-day moving averages.
"I've been in sell mode for seven weeks now," says Kennedy. "Small-caps joined the downward parade around May and I don't think they'll really recover until Nasdaq puts in a bottom".
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