It’s All Negative
It was an interesting reading weekend. Everything I read was negative about the stock market, which is very unusual. Bulls became bears and bears were beating their chests. Not a single piece was positive. After last Friday’s market drubbing, the bears would normally come out, but so would the “buy the dip” bulls. And yesterday, it only got worse. When I saw newsletter writer Dennis Gartman say he got “scared” out of stocks, I began to believe a low was close. This guy is one of the better contrarian indicators when it comes to stocks so it usually pays to be opposite.
The highflying biotechs, internets and Nasdaq 100 started this pullback and Monday was the first glimmer of hope for at least a short-term rally. Today is Tuesday, which can be Turnaround Tuesday and the day is VERY key.
Lots of the same questions regarding the bull market ending. My thoughts remain the same. The bull market is old and wrinkly but very much alive. The typical warnings signs are simply not in place. The current decline looks nothing more than the usual and healthy bull market 4-8% pullback.