Any talking head who tells you that this market is a buying opportunity has his/her head screwed on backwards. The only buys are the kind of value plays that the likes of Buffett are pulling off. That is, it is very much a stock picker’s market.
Recession plus inflation plus a credit crisis plus a softening European economy plus an inflation-plagued Chinese economy plus Russian strong-arming in natural gas plus two leading presidential candidates who are ignoramuses on economics plus a rising long bond in the face of Fed rate cuts does not a bull market make.
Don’t Miss This
Now, you may find the following video of a speech I made in 2006 to be interesting for two reasons. First, it illustrates how you can be your own forecaster – a useful tool for macro traders. Second, the forecast in the speech was eerily prescient regarding current conditions. Click here for video