Wednesday, May 13, 2009

 

Moment of truth

The stock market is beginning a correction of the rally that began in March. A rally which, I believe, will bring a respite from the bear market that began in 2007. This correction will give us a lot of insight into whether the bear is hibernating or not. Also, if the market manages to stay above the March lows given the flood of horrific news including the likely bankruptcy of GM, defaulting Social Security and Medicare, and downgrading U.S. treasuries then I will be confident enough to say we have turned the corner.

So let's sit back and enjoy the show. Remember, the markets are always right.

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