Are we there yet?

Posted on Feb 22, 2012 by in Letters

No and at this rate we may never get there.  We now have a series of waves 82 days long amounting to a near 25% advance.  The last leg of the wave -- the present one -- is 44 days and near 11%.  This wave has created  extreme restlessness in the investment community.  There are pundits who still think we are in a secular bear market, and analysts who believe that the present profits rolling in will be repaid by God with the black plague.  Add to them the contrarians, the traders, the pessimists, the anarchists, the guilt ridden who want to be punished and --not least -- shorts who are having their shorts squeezed.

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