From Task on TSC. Well, if you're going to use a gun you might as well stick to it unlike Bob who brings out a bazooka, shoots you in the foot with it and then disappears for half a year.
Finally, anyone expecting Don Hays of Hays Advisory to capitulate after last week's slide will be disappointed to learn he's sticking to his guns.
"Yes, I'm nervous -- but not even close to being ready to throw in the bullish towel," Hays wrote. "In fact, just the opposite. My nervousness is only for the short term and, in fact, my bullish intermediate- and long-term excitement continues to build."
Hays reiterated previously stated faith in the Arms Index and other sentiment signals; these include the CBOE's equity put/call ratio, which closed at 1.01 today, indicating more buying of puts vs. calls. He also suggested that the jobs report, which contributed mightily to Friday's selling, was actually something to take solace in.
In the past 50 years, there have been nine instances when the unemployment rate has risen 1% from its low (Friday's reading of 4.9% being the 10th). The stock market's average one-year return from the last day of the month when that 1% increase was first reported is 24%, Hays reported.
The pc was so high and yet it was such a flat day. Weird.
Anyone getting the feeling that the same people who track the stock market also live and breathe baseball stats? |
