The Chief Strategist of a Wall Street firm must learn to eat shit. Lemme tell you why: when you are right, great. That’s your job. When you are wrong, you lose people money, and they don’t soon forget. Victories are dismissed with a “what ya got next” and defeats are resurrected on a regular basis.
The market has been doing exactly what it is supposed to be doing, namely frustrating all. Everything you’ve been told is wrong from one minute to the next. But if you step back, you can see that the market has been in an accumulation mode–NOT a distribution mode. That means stocks should be accumulated on weakness. Sound familiar?
The histrionics of the economy, the markets, the political situation and the coverage in the media has forced those with “smaller minds” into doing exactly the wrong thing. The running now into no-interest fixed income is a huge near-to-intermediate term mistake. There will be more “panics” and much more “malaise”, but after six months of consolidation and much hedging against disaster, the major indices are about to make their move. Maybe not today, but what may be a pretty big and forceful move is coming soon.
The mantra of “accumulate on weakness” is the key. I am neither a perma-bull or perma-bear, just a “market realist” and I will be consistant with that strategy until my work tells me to change. Find the low expectations and buy them for the intermediate term.
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So in conclusion, what is the action to take at this time?
No offense, Texan. I like Texas. But sometimes I feel like I’m banging my head against the wall…
If you’ve been listening or reading, every single day for the last three months, you would know what to do. I’ve even spelled it out here.
If you want to know what I’m buying and at what price I recommend it, please subscribe to my service…
Great Post