‘Why’ Does Not Matter
Well, sometimes I can be long-winded,
sometimes I can be brief. Today, I will be brief… I think.Simply put, market
action speaks for itself. I hope you have been listening to it. Let’s look at
some charts.
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The S&P 500 has
now broke the September lows and just below ’98 lows. The weekly Nasdaq and
Nasdaq 100 are starting to become ingrained (is that a word) below ’98 lows.
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Pundits are now asking: “Why is this happening?” I have only once answer: “Who
cares?” Why does not matter. Reality does.
My stance has not changed one iota…and after the recent action…only becomes
more cemented. As usual, expect bounces…some good…but mostly more of the
same. They will be short, sharp, have people talking about the bottom…and then
kick you in the rear soon after.
The only good news is that the popular media is now admitting what we have been
telling you for a long time.
Lastly, one important lesson: Many talking
heads are befuddled as to how this can be happening when the economic numbers
are doing better. Some actually have come out and said the market was wrong.
Yeah…tell that to your banker. My point is that these people have not looked
at history. The economy grew at twice the rate of
1982-1999 in the years 1966-1982. The market went nowhere in 1966-1982 but went
up tenfold from 1982-1999. The market buys value and the future…not today’s
numbers.