Do you think last week’s dip was just a gathering of market strength for another push higher? Do you believe the next secular bull market is upon us? Paul Lim at The New York Times reminds you to define your terms carefully, “because a new secular bull would require not only rising stock prices, but […]
Author Archives: Jason Kelly
5/12/09: Rally pulse, sell in May, an economy not for the people, the Afghanistan quagmire, and bankrupting CA and D.C.
So much for that rising stock market. Andy Kessler at Opinion Journal thinks it was a sucker’s rally “because there aren’t sustainable, fundamental reasons for the market’s continued rise.” He offers three reasons for the brief bull: the Federal Reserve and Treasury succeeded in taking armageddon off the table now that “No more failures” is […]
5/11/09: Monday Morning Perspectives
I’m hearing lots of talk about the S&P; 500 ending this rally at about 950, so let’s call it 940-960. That range brings together a few points: it’s where recently popular DeMark signals say the rally should turn down, it’s the home of the 200-day moving average, and it’s the one-year downtrend line. That’s a […]
Kelly and Krugman on Muddling Through the Crisis
From Kelly Letter Note 15 sent Feb. 15: The government is hoping the economy gets back on its feet soon, and that crap assets move up in value to recapitalize banks naturally. Rising home prices, for example, would go a long way toward that end. To give better odds of this scenario working out, the […]
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Celebrate! Another Half-Million Jobs Lost
The Wall Street gang is jumping for joy this morning, and who can blame them? Another month, another half-million jobs lost — and stock futures are up. Up, we say! Green shoots are becoming golf course lawns in this economy faster than you can say, “Put another guy from Goldman in charge of the Treasury.” […]
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