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A veteran analyst offers some observations and reminders about violent reversals and their testing patterns.
Recent short-term gyrations are not the big story. The longer-term scenario is—that of an extended bull market puffed up with excess Fed liquidity and an unpredictable unwinding process.
Advisor Funnies: Plus, a massive wave crashes at a Seoul aquarium…and a liquidity strategy.
A review of four-year cycles and bull market extensions leads to a caution not to dismiss the fact that the three previous bull market extensions were followed by more-severe-than-usual bear markets. Plus, regarding last week’s sell-off, it would be risky to conclude that it was a test of the August-October lows.
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