Wednesday’s avalanche was pure pleasure for those of us who have been waiting for reality to assert itself in the helium-rich precincts of Wall Street. Bloomberg news was there to calm the troops with this measured headline: Traders Say Bad Day Was Overdue in Stocks, Not a Reason to Panic. No arguing with the word ‘overdue,’ but it leaves unresolved the question of how much more selling will be needed to balance accounts. Because the rise in interest rates was the proximate cause of the selloff, and because yields look likely, at least in my technical estimation, to rise even more, we shouldn’t be too hasty to fish for a bottom. There are good arguments to be made that a scary correction would set the scene for a Dow blowoff above 30,000. For now, though, we’ll allow for the possibility that the selloff will mark the end of a bull market that had just entered its 116th month.
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Tuesday, March 5, 2019
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