Kass: Stocks Have Hit Bottom For Year; This Must Be The Place
After three days of major market gains, call me naive, but this must be the place! Seriously though, I do think we are in a secular bear market and expect prices to go lower. Remember the 200-day moving average is still above 1100. We’re a long way from there.
But you have people like Doug Kass who are saying we’ve put in the low for the year. He’s talking about an additional 10-12% upside from here. I’m not sure about that but it would make sense if his relatively bullish economic scenario pans out.
For the time being, the mood is buoyant. Marc Chandler says:
US equity markets were higher, as DJIA, S&P, and NASDAQ ended up 1.2%, .94%, and .74%, respectively. European markets were higher too, with Euro Stoxx 50 up 1.2%. Asian equities are likely to open up today as Asian ADRs were higher during N. American trading Thursday. Nikkei futures point to an up Japan open.
And a lot of the data of late has been bullish actually. That’s a welcome reprieve from the usual fare. So, I’m happy with that for the time being.
Here’s some music from the Talking Heads to set the mood. I remember when this album and movie first came out. Wonderful stuff. Enjoy.
Hat tip Suzanne