Buffett says to keep buying [IBM].

Buffett is out pumping IBM.  I say that Warren Buffett will eventually ruin his legendary name by continuing to back equities of the companies that made him rich as they fall, fall, fall.  Nobody knows yet if I will be right about him ruining his good name but there can be little doubt that I called IBM down at the peak when Buffett was touting all of IBM's technical success.  Buffett's continued pumping means that the optimism has not been beaten out of the shares despite being down more than 30% from the top even though the broader indices are still hanging in there.  If Buffett had come out and sold IBM I would be more open to believing a bottom was near.

In fact, Prechter predicted that exactly this would happen during the deflationary phase of the great global debt Ponzi.  Big, important men would express belief in the collapsing system, trying to lead more sheeple to the slaughter just like the the big bankers and economists of the Great Depression tried to stand in the middle of the trading floor and publicly buy shares in order to push confidence into the minds of the observers.  The herd just trampled them.  Nobody knows the timing of these things but we know that no Ponzi went on forever and it won't be different this time.