from King World News
On the heels of the U.S. Dollar Index rallying more than a point off the lows, today one of the great short sellers in the business warned that the bear market rally in stocks is over and when gold breaks $1,300 we may see a serious upside acceleration.
By Bill Fleckenstein President Of Fleckenstein Capital
May 3 (King World News) – There’s no need to review what happened while I was away because that is all old news. It would now appear that yesterday’s rally in the stock market was simply a function of mechanical buying at the beginning of the new month. I say that because it took all of about an hour this morning to see the stock market lose roughly 1%. I think a pretty decent case can be made that the rally from the February lows is now over, and I would point out that despite the best attempts of all the bulls to jam the market to new highs, they were unable to get it there…