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When trading (what's dubbed) "once in a lifetime bargain"
Wed Oct29 6am (NY) - by Anatoly Veltman - Chief Global Analyst - one's indicators shouldn't be localized to current October developments. I've mentioned before: Bull Market is considered to have begun August 1982 from 102 basis cash SP. The October 2007 record was 1576. 50% of this 25-year range = 839. Retracing half of 25-year advance in 1 year (!?) - little wonder the market was to change, going into second half of October; as I pointed in October 11-13 posts. My opinion remains that SP is trading within wave4 consolidation. That means: the selling panic likely peaked already; however, one last down-swing is still in the cards - albeit with lower momentum. Listening to brilliant Abby Cohen (Goldman Sachs) presentation Tuesday night at annual SIFMA: SP is undervalued in terms of all their indicators, no matter if economy is still to move at downward slope! . . . (to read the remainder of this article, please log in below.)
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