Breadth was robust for a -46 Nasdaq day at 42%. Risk assets, for the most part, traded off–paving way for a fanatical run in gold, bonds and utilities.
Asset managers have been flung far and violently ever since the calendar changed to the year 2016. It’s not unusual or without precedent to see markets digest gains, without it being a precursor of horrible times.
Not every rally will mean bull market, and vice versa.
Before passing judgement on whether or not this market has more upside in it, as I believe it does, let’s permit a few days to pass.
If I’m right, the selling done today and possibly tomorrow will be ephemeral. The Federal Reserve and other world central banks are now firmly in line to succor markets and improve overall conditions in investor sentiment.
It’s important to take note of these changes and invest accordingly.
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Devil Dog had his day today.
Great movie… I can hold my breath for a looooong time.