That 9% minicorrection between June 2 and July 13 was nothing to worry about. Pullbacks are normal early in a recovery. I can find only one bull market, in 1935, that didn’t have some material indigestion within its first 12 months. But bull markets roll on for years.
This rally has taken stocks up 55% from their Mar. 9 low, as measured by the Morgan Stanley All World Index. That’s far bigger than any global bear market sucker rally. Interestingly, the record rebound has gotten less ink than the corresponding fall in prices during the first quarter. Maybe the bulls should be making a bigger fuss about what’s going on.
– Ken Fisher, “The Bear Market Is Over”, Forbes, August 5
Also see one of my most heavily commented prior posts on Ken Fisher: “Ken Fisher Knew Something That Wasn’t So”, Top Gun FP, February 25, 2008. Criticizing Fisher usually draws a lot of criticism because the guy has tons of friggin’ clients. Fisher Investments is a goliath.