Bears Can Hope, Can’t They?

by Rick Ackerman

The U.S. stock market will be closed tomorrow in observance of Good Friday, meaning we are likely to go into a three-day weekend with our short position in the E-Mini S&Ps intact. Is the so-far moderate selloff from Tuesday’s high the beginning of a more significant decline? It’s stretch to think so, since Wall Street’s con-men and feather merchants have been successfully working the Fed money machine since 2009, allowing precious few corrections that would have caused them any real pain. Still, all bull markets do end, and there’s a good case to be made that U.S. stocks have been building a top since late in 2014. My friend Peter Eliades dates the onset of the bear as having occurred in late May, when the advance/decline line of the NYSE Composite Index recorded a peak unlikely to be exceeded even if stocks rally to a marginal new record. Only time will tell, but we should never count out the mountebanks, knaves and liars who have reaped undeserved trillions simply by throwing Fed funny money at shares these last seven years.

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