Have we seen the bottom? Is it onward and upward? As I start this e-letter, the S&P and DOW are trying to top their recent highs. Will the S&P go through the 1250 resistance level? Is my short trade in jeopardy? Is it time to become a bull?
I will become bullish once again, but not yet, fellow traveler. While I cannot see around the Curve In The Road, I can read the warning signs. They keep telling us to watch out for bear traps.
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Thanks for all the kind emails about my stomach problems of last Friday. I felt much better this weekend, at least well enough to begin to actually help my beleaguered wife with our house move which will culminate this weekend. Now let's see if I can recover from the bad neck pains due to the whiplash the bond markets have been giving us the last few weeks.
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* I must correct an egregious typo in last week's letter. (And no, it was not my awkward use of prepositions.) I wrote: The economy will recover in the second quarter, and indeed it may be the 4th quarter before we see a turn-around. The software gremlins somehow removed the word NOT from that sentence. It should have read: The economy will *NOT* recover in the second quarter, and indeed it may be the 4th quarter before we see a turn-around.
Big difference, and I apologize for that...
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We are finally getting the bear market rally I have be writing about and hoping for. At least I think it is a bear market rally. Those who are buying this run must see something else Profiting From Greenspan and His Magic Rate Cuts:
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