By Jon S. Strebler
It’s been nearly a month since the US stock market dove sharply, primarily in reaction to slowing growth and other problems in China. The Dow Industrials hit an intra-day low of 15,370 on August 24th, with a closing low of 15,666 the next day. Those numbers were more than enough to confirm the Bear market in stocks that we’ve been suggesting for months, and the thought at that time was that the selling spree had probably about run its course (per my column of August 24th) . Readers uncomfortable owning too many stocks were advised to wait for a rebound and “sell in the mid-16,000 area, basis the Industrials.”
And that’s mostly where we’ve been since then, with the Industrials bound between about 16,000 and 16,700 since then. I therefore trust that most readers have little or no US stocks, outside of precious metals miners and perhaps energy ... Log in or subscribe to continue reading.