Gary’s short notes on the market!
For the past week, we have been telling you that a good bounce was near. But last week, each bounce lasted a day before the nausea set in. This morning, the market now opens with another frenzy-ish gap again off of the 3 day weekend and the fake numbers coming out of China. (How can a place so big continue to have GDP at or around 7%?)
Anything is possible with short-term talk, but hopefully, we are in an area where we can get a bounce of more than one day. A counter-trend rally is now waaaay overdue…but does not mean one has to happen.
Just keep in mind ( and you will hearing this from us a lot) that it is the big picture that matters most to us, not the short-term. The big picture remains gross. Rallies in bear phases serve to wipe the smiles off the bear’s faces and embolden the bulls before disappointment sets in again.
Tons of earnings to come out the next 3 weeks. Going to be a fun ride.
RIP GLENN FREY! We saw you 17 times in concert…3 times during the past tour. It was like the years never passed.
that bounce has come and gone already!….this is worse than Jan 2008! at least the bounces then lasted at least a day!