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Letter 1564

July 8, 2015

 

 

The action of the stock averages tells me that if Greece leaves the Eurozone, it will not be a catastrophe (and I do think Greece will leave). Free markets, like you and I, tend to inhale and exhale. We have seen the inhaling process ever since WWII. The exhaling or corrective part of the cycle will be a bear market. The bear market will clean out decades of inflation, leveraging and financial engineering. In the end we will have a better world, cleaner, more honest, and much finer.

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We now have 8 distribution days in the S&P and 6 in the Nasdaq. This tells me that the institutions are selling into this market and it calls for caution on the part of my subscribers. I would take a Dow close below 17,000 as ... Log in or subscribe to continue reading.


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