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Richard's Remarks

 

Reading my favorite advisories, they are overwhelmingly bearish, from the standpoint of the usual technicals, including the margin accounts, and the number of bullish advisories vs. the thin bears. All this aside, my instinct tells me that the stock market is heading into the clouds. What’s moving the stock market is not rising profits but rising price-earnings ratios. I sense that the retail public is moving toward an extreme of bullishness, and that all negative indications will be swept aside. This bull market will not end with the usual and obvious technical indications. It will end with an extreme of bullishness from the crowd. The government will attempt to diminish our debt by way of printing, to the point of hyperinflation. A million dollar debt in 1960 is burdensome. But today, in a land with billions, the million dollar debt of 1960 seems at worst just annoying. The miracle of inflation ... Log in or subscribe to continue reading.


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