You can tell we’re getting very close to the final bottom of this three-month stock market pullback. What makes me so sure? Last week’s fizzle have unleashed swarms of doomsayers — and those dependable bottom-makers are strutting their stuff with quite a flourish right now.
My favorite headline yesterday, from a heavily trafficked financial Web site, wrapped the prevailing sentiment in one neat package. 5 TIPS TO SURVIVE THE COMING MARKET AXE MURDER, it screamed.
Is the author serious? If we were in October 2008, with the S&P down 42% year to date, I could understand such hysteria. But the market, as of Thursday night’s close, was still up 3.4% for the year — and down only 4.6% from its April 29 peak. Read