Holy shit! A mainstream media outlet reporting some truthfulness? Has a giant space rock hurtling towards the earth been spotted at Palomar?
About two or three weeks ago, I made a point of telling readers that I believed we had just entered a bear market.
Bear markets don't just happen. Sure, there are warning signs like everybody's favorite Apple getting 20% shaved off, earnings in decline, and all of the usual stuff. But then there are the corroborating facts.
Why not sell and take profits in 2012 when you will be subjected to tax rates far superior to those in 2013? The increasing tax liabilities plus Obamacare plus a FED completely lacking credibility or effectiveness means....bear market. It's just that simple. I see absolutely nothing on the horizon to suggest anything different. If you are in this market, I think put options better be part of your strategy.
I also think this Christmas retailing season is going to suck. People are wary and nervous. WalMart missed today on the top line and they are getting their haircut.
I snatched this clip from ZeroHedge. It is a rare moment of complete honesty, I am thinking about writing CNBC and thanking this dude for telling the truth. It's about time.