SPY closed down about 8.3% month to month. GLD up about 3.4%, TLT a bit better, up about 3.6% (plus another 0.3% for the dividend). It remains to be seen whether GLD and TLT can continue to rally together.
Ned Davis is cited in a Barrons column (link) making an analogy to 1962. Back then the stock market fell about 23% over several months.
In the same article AAII sentiment is cited as 50% of individual investors surveyed as bearish. As long as sentiment is leaning that way, the odds of a major decline like we saw in 2008 remains small. Again, when so many people are looking for a decline, it is unlikely to appear.
To all the readers, have a nice holiday. For all the veterans, a heart felt thank you.
Long BRKB, GLD, SPY, TLT
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