Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Stock Market Unlikely to Leap Higher Just Yet


We need to spend a few more sessions working off the overbought condition.

"You're just a cockeyed optimist," was my caller's response. That's patently untrue, I wrote about the Dow Theory "sell signal" in September 1999, as well as the Dow Theory "buy signal" in June 2003. Then there was the Dow Theory "sell signal" in November 2007; and, I was very bullish in March of 2009. As my father used to tell me, "If you think the market is going up be bullish and if you think it's going down be bearish." Manifestly, I have been pretty bullish for more than three years with intermittent "cries" for caution along the way. As often stated, all you had to get right for the past three years has been to raise some cash in the spring and put it back to work sometime during the summer. That reoccurring strategy has worked because economic numbers began to soften every spring for the last three years. That brings on worries of another recession, which causes analysts to cut their earnings estimates followed by a decline in stock prices. When no recession shows up, they start raising their estimates and the stock market rallies. And, believe it or not, that's what is happening currently, as can be seen in the attendant Net Earnings Revisions chart from our friends at the Bespoke Organization below.

No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.
Featured Videos