Business Sales and Inventories Predict a Big Flush

You may remember, dear reader, that I have called a bear market for equities. How am I doing so far? Well, the S&P 500 is up 13% from its February 11th intra-day low (1812). That sure doesn’t look good, does it? But I’m still convinced I’m right. I haven’t shorted the market yet, and won’t until the S&Ps break that February low. So this rally hasn’t hurt me, it’s just annoying to have to wait.Maybe Wall Street still has inventory to unload, as David Stockman says.

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Another Fed Wednesday: Waiting for Nothing

This Wednesday, we have another meeting of the Federal open Market Committee (FOMC) to set monetary policy for another six weeks. Please do not sit on the edge of your seat, dear reader. I can confidently tell you that nothing important is going to happen at this meeting or the press conference to follow. The market may decide to react to nothing but that is a different matter.

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