QOTD: What If There Is No Tomorrow?

The sentiment response to the stock market weakness continues to lean towards those that think all we’re having is a standard correction where those in this camp want to take advantage of by buying the dip. Investors Intelligence said Bulls fell to 37.8 vs 45.5 last week (was above 60 only recently) and is now below the Correction camp of 44.9 vs 40.4 last week, a 30 year high. Bears rose 3.2 pts but still are just 17.3, only 4 pts above the 27 year low touched recently. My only explanation for the lack of bears after the damage already done to parts of the market is the continued belief that the Fed put kicks in before we get anywhere near an official bear market takes hold.
As I continue to state (as I’ve been doing all year) that for the 3rd time since 2010, the stock market is rolling over because QE is ending (and has been the main basis of my bearishness), I don’t know whether to laugh or cry when I hear the calls for more QE IF the US economy or inflation weakens from here. Fed President’s Williams and Evans have brought it up. These two lines from Bill Murray in Groundhog Day come immediately to mind, “What would you do if you were stuck in one place and every day was exactly the same, and nothing that you did mattered?” and “Well, what if there is no tomorrow? There wasn’t one today.”

Peter Boockvar, Managing Director and Chief Market Analyst, The Lindsey Group

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