Harrison: It’s A Cyclical Bull Within A Secular Bear
It’s important to understand that this cyclical bull is part of a prolonged and painful secular bear stretch.
– Todd Harrison, “Ten Reasons Why This Is Not A Bull Market”, Minyanville, March 24
It’s important to understand that this cyclical bull is part of a prolonged and painful secular bear stretch.
– Todd Harrison, “Ten Reasons Why This Is Not A Bull Market”, Minyanville, March 24
Today after the close Washington Mutual (WM) announced a $3.3 billion 2nd quarter loss driven by a $6 billion provision for loan losses (WM Earnings Release). WaMu has a quarter trillion dollar ($250 billion) loan portfolio, almost entirely in real…
We don’t think the market has bottomed. We clearly have not priced in a recession – David Spika, CIO GuideStone Capital Management (quoted in “Investors Fear Quick End To Rally” [SUBSCRIPTION REQUIRED], Karen Langley, WSJ B1 Everybody knows it’s a…
A confluence of bad news combined to drive down stocks today. First, and most important, was the assasination of Pakistani opposition leader Benazir Bhutto (subscription required). This reminds everybody of the high level of geopolitical risk in our globalized economy. (If…
Any way you slice it, inflation is clearly coming down and seemingly under control. Wednesday’s April CPI Report was just the latest data point to confirm that. And that means that the Fed’s hiking cycle is likely over. Fed Futures…
Right now being bearish is nothing more than being realistic. – David Hefty, Cornerstone Wealth Management I’ve never heard of David Hefty before but he makes a solid case for a secular bear market. He emphasizes three big problems: resets…
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