With stocks in a free fall last week all I kept seeing on twitter and financial news media was how prescient the call was for the Alibaba top and how the stock market is now in a bear market.
I'm not sure when a 9% decline constitutes a bear market, but everyone is entitled to their opinions. Last week with stocks near their lows I pointed out that the bottom was likely in for now.
I had said early last week that $XLE would be the tell, and when it reversed course, stocks would follow. I didn't get a chance to do my twitter ego pump, so I'll do it here instead. Booo YAAAAAA!!!
Our beloved Gartman from CNBC who was pleasantly nuts deep long from lower right to upper left or vice versa a few weeks ago, last week said the bear market had begun. It's been an inverted bear market ever since, if that makes any sense at all.
Doug Kass made his 3rd bear market call this year, and nailed the top for the 100th time last month with the Ali Blah Blah call. I think we all wish we could endure being the most accurate stock market prognosticator of our time. I'm not sure why he wants to quit twitter once a week.
More posts during last weeks sell-off:
Since the lows last week the stock market has mounted a massive reversal. $SPY is up a mere $12 in less than a week,
The panic selling of last week has turned into panic buying. One thing is for sure: It has turned into the shortest bear market on record.