by Greg Guenthner
Daily Reckoning
Does it get any more bearish than that?
I posed this exact question during the first trading week of 2016.
Let me set the scene for you…
The market was reeling after a holiday rally failed to materialize. The major averages were falling apart. Emerging markets staggered. Stateside, some brave buyers barely prevented the major averages from suffering their worst start to a year since 1932. It was an ugly situation that was about to get a lot worse as a double-digit market correction loomed on the horizon.