I think there's some logic getting lost in the algorithms, additional to glunn's post, the big institutional investors are buying/or selling, just to stay ahead of each other, not to hold an investment as a growth opportunity. Behind every Algo is a human, but time is a great equalizer in that kind of trading. That's part of the difficulty in trying to find the bottom - there may be multiple dead cat bounces (there frequently are) but these feel more pronounced than '08 or '02 partially because of the Algos seem to feed off of each other, just like my favorite clip from the big short regarding the hot hand fallacy.