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Letter 1553

November 19, 2014

 

Every bull market has its own characteristics. In this one, despite huge world and domestic problems we read about daily, the bull market continues. There will be a technical sell signal, but not much follow-through on the downside. Then a week or two goes by and the Industrial Average or the Transportation Average rallies to a new record high, along with the rest of the market. Another minor sell signal appears and again there’s little follow-through. We’ve seen this progression all the way up in the bull market. This is characteristic of a market that is puzzled and uncertain.

Everyone knows that the US suffers from an enormous debt problem.  In view of the deleveraging, deflation and outlandish debt, you may wonder how the stock market can continue in its upward trend. Many pessimists have wondered out loud. Naysayers predict that we are seeing the end of the ... Log in or subscribe to continue reading.


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