Once again, I am in the uncomfortable position of having my latest column written before the stock market tumbled this morning and published after the afternoon wipeout. Not only that, the editing process missed some of the qualifiers I added to recognize that my thesis was more than dinged.
The bottom line is that I stand by my conclusions. The problem is that Wednesday's late smooshing threw a giant monkey wrench, make than monkey poo, into the mix.
To me, the evidence is still on the side of the short-term bulls. No, the market is not ready to launch a sustainable bull market but with everything outside the market looking so durn (decorum prohibits other terms) rotten - from job losses to foreclosures to loan officers and their tight sphincters, anyone calling me a whack job for even thinking about stocks has a case.
But isn't that the best time to be buying? When eveyone hates stocks and ridicules the messengers who say there is value to be had?
Look, we had a stinko day but after the buy the rumor rally on Election Day, a sell the news decline seemed inevitable. And we got it in earnest. Futures are lower in early evening trading so I won't be sleeping well tonight. But then again, it was a wise trader who said that when a trade makes him sick enough to throw up he knows its right.
So, pass the salt. I have to deal with the egg on my face tonight but a single day - one with rather low volume - does not erase all the other evidence backing a short-term - repeat - short-term bull case.