Tuesday, May 5, 2009
Icing on the cake!
Confirmation that the bear market rally is on its final legs and running on the last of its fumes comes directly from the top. Ben Bernanke, the chairman of the federal reserve, says that we should pull out of the recession by the end of 2009.
Folks, given the extended nature of the current sucker's rally, the stretched technicals and sentiment indicators, and the true horrid state of the underlying economy, this is icing on the cake related to my call for the bear market to resume. Yes, we could last another week or so, but I don't think we may make it out of May without resuming the downward spiral in this cyclical stock bear market for the ages.
I presume such pronouncements were made by Mr. Bernanke based on hubris and misplaced optimism rather than to entice the last of the retail investors left to jump into the shark pool to feed Goldman Sachs and JP Morgan, but the way things have been going I can't be too sure...