As money managers, it would be much easier for us to take a bullish stance. However, from an integrity standpoint we have to take action based upon the evidence in hand. There is no question, given what we know today, the present day market aligns well with the early stages of a longer-term bear market. The previous statement is made based on numerous inputs. As we mention in the video, central banks creating liquidity and/or printing money can possibly be a game changer. We will continue to monitor the situation with an open mind. We are willing to migrate to a bullish stance if conditions improve.
After you click play, use the button in the lower-right corner of the video player to view in full-screen mode. Hit Esc to exit full-screen mode.
Update as of 10:55 a.m ET: The next few days are very important. Currently, the central bankers have flipped the daily and weekly charts of the S&P 500 into a bullish position. If the gains hold up into week’s end, it is possible with one announcement central bankers have stopped the bleeding. It is too early to tell - it depends on market action over the next three days, but we have to respect actions of central bankers. The S&P 500 could reach 1,249 or 1,250 in short order. 1,256 is a retracement level.