Last week I told you that I was feeling a wee bit nervous, in a good way---I was sensing, due to a marked increase in market optimism, that maybe a healthy, necessary and overdue correction was on its way (that's that contrarian indicator). Well, if market sentiment, by itself, is enough of an indicator to inspire a few short-termers to shift their positions, if they were thinking sell last week, they're likely rethinking that notion today.
About the time I was penning last week's commentary, pessimism, from some high places, was beginning to bubble. Two of the investment world's biggest, Blackrock's Larry Fink and Pimco's Bill Gross, and others, warned of what they see as bubbliness in today's stock market. Dang! I wish they'd just do their jobs and let the market do its. Just when I was thinking that over-optimism might, as it has in the past, foreshadow a healthy correction, these guys (as utterly clueless in terms of market direction as the rest) go and, maybe, spoil it. Operative word being maybe---it could happen anyway, and the sooner the better.
So folks, if you're feeling a little queasy about today's stock market, please keep it to yourselves (unless, that is, you're our client. In that case I definitely want to hear from you), we don't want it to get out and ruin the market's chances of performing at least a little necessary pruning. Yes, I'm honestly hoping for a drop in stock prices sometime soon (but I'm not yet holding my breath), nothing could be healthier . And no, I wouldn't even begin to try and time it...
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