From Michael Kahn’s Jan. 19 column at Barron’s:
It appears the stock market is finally firing on all burners despite a raft of problems still facing the global economy. … But don’t get complacent or enthusiastic about this rally. While stocks have pushed above short-term technical resistance levels, they are far from being in the clear. And I see no reason to alter my longer-term analysis that pointed to a tumble into the middle of the year. … Market cycles point lower while the ratio of buying-to-selling pressure suggests inherent weakness. The current short-term rally … does not look sustainable. It may be premature to sell the market, but preserving capital is still a good idea. Better buying opportunities still lie ahead.
From Anthony Mirhaydari’s Jan. 18 column at MSN Money:
It’s a false dawn not unlike the one seen in early 2008 before the meltdown started. The volatility behind all this is set to continue for at least a year. The good news is that we could see the return of a 1980s-1990s style secular uptrend for the stock market as soon as 2013.
From Mark Hulbert’s Jan. 18 column at MarketWatch:
Bullishness over the last 106 days has risen more rapidly than was the norm from past bull markets. … It’s worrisome when 3 out of 4 sentiment measures suggest that the bulls are jumping back on the bullish bandwagon at such an above-average pace. They reinforce the picture of complacency that the sentiment data have been painting in recent weeks.
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