by David Stockman
David Stockman’s Contra Corner
The robo-machines and perma-bulls are at it again, delivering another volumeless dead-cat bounce in a market that has churned sideways for 600 days now.
That’s right. The S&P 500 first crossed the 2060 threshold around mid-November of 2014, and has made upwards of 40 attempts to rally since then—-all of which have failed to be sustained.
[…] Nevertheless, there is a reason for the churn and there is a culprit behind the abortive rallies.