"The pullback has been negligible even relative to the action of the past several months, and is indiscernible in the big picture. As of Friday, the market remained in an overvalued, overbought, overbullish, rising-yields syndrome that has typically been cleared much more sharply than anything we saw last week." – 21 March 2011 Weekly Market Comment, John Hussman, PhD (Used w/ permission of Hussman Funds, www.hussmanfunds.com )
It is always gratifying when someone I respect agrees with me.
The S&P 500 is still 9-1/2% above its 200-day moving average. A few years ago that alone would have led to a 10% correction, but we are in a brave new world – once again, it’s different this time.
Overall the NTSM analysis was a HOLD today. All of our indicators improved to Neutral, but there are a couple of signals that indicate tomorrow will be down – and possibly down big. {“Big” (>1%) is mostly a guess; no crystal ball here.}
