In The Wall Street Journal’s just completed March survey of economists, 71% say we are now in a recession. That amounts to 36 of the 51 respondents (subscription required).
The probability of the US entering a recession in the next 12 months also lept from 49% last month to 65% (Recession Probability Chart)(This number can be less than the 71% because even economists who believe we are in a recession right now can assign a probability of less than 100% to the question of if we will have a recession in the next 12 months).
Tuesday night at my Borders Talk on “How To Invest In The Coming Bear Market”, the night of the monster rally, a gentleman asked if he should use days like today to lighten up on stocks. My answer: Absolutely.
Frankly, days like that are life rafts the market is throwing you if you are long. Take them as an opportunity to: GET OUT!