See I say that, and the contrarian is looking for a bounce.
Roubini and david Rosenberg are.... scheptical....
What's more, economists are not traders or stock strategists. As a result, their perspectives on the economy are not meant to be market-timing devices for investors, says Carmine Grigoli, a self-described bull and chief investment strategist at Mizuho Securities USA. Grigoli argues that the bears may be proved right, but the question is, how long will it take for their views to come true?
The interesting thing is that; I know it sounds bearish. but still many traders are optimistic. I hear talk of resistance in the 1020 level. and plenty of "Hope" for the bulls.
I also... The interesting thing is that there are still a ton of people thinking the greater fool is ahead. As Steve Grasso put it today. "Even the Bears think we will be at 1100 end of the year". Let me also point out the universality of the "things will be bad next year".
I also heard about how we were trading on Q4, For those that see the market as a discounting and predictive instrument. The thesis is that it's forward looking to 6-8 months. Not 1 Quarter. So we should be trading Q1 And Q2 of next year, right now... or Very Soon!
So, sure I feel some bad mojo here, but as was debated today "either the 200pt bounce on thursday, or the 200pt decline or Wed or Friday.... is the Head fake." Bill Griffith said.... But he thinks it was the decline.
With everybody thinking the greater fool comes in at the end of the year..... I'm doubting it. and when it's apparent that the music has stopped, the chase for the exits are going to get very Crowded.
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