It ain’t over till it’s over: Yogi Berra

Posted on Jan 28, 2014 by in Letters

 

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=6&dy=0&id=p83257770514&a=266398464

Monday showed some constructive activity (and true to our speculative nature we bought a little (very little) and lifted part of our hedge).  But as Yogi said, or it's little known that he said, beware the bouncing cat.  As in the famous dead cat bounce.  Whether Monday and Tuesday represent that cat bouncing is unknowable at the moment.  Maybe Rumsfeld knows.  We don't know, and we don't know whether Rumsfeld knows.  At the very least it seems a 1987 waterfall appears not to be in the cards.

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