Mid-week market update: Will investors get tricks or treats this Halloween?
Here is the good news. The sentiment backdrop was sufficiently washed-out for a reflex rally to occur. For some perspective, I refer readers to Helene Meisler’s recent Real Money article:
Long time readers know I am not known for my sunny disposition when it comes to markets. I am a contrarian; when we’re going up, I look for what can take us down and when we’re going down I look for what can reverse us back up.
But it struck me when I took the mute off the television on Monday how really bearish everyone was. All of a sudden no one is interested in buying the dip. No one is even interesting in “picking.” All of a sudden everyone is talking about at least a revisit of the February lows or more.