The Bottom’s Not In——Why This Market Is Dumber Than A Mule

The Bottom’s Not In——Why This Market Is Dumber Than A Mule (David Stockman’s Contra Corner, March 26, 2015):

They were trying to put in a bottom—–again! The sell-off earlier this week amounted to the sixth sizeable “dip” since November 20—-so the market’s ingrained reflex was back at work all afternoon, trying to scoop up the “bargains”.

But the roundtrip to the flat-line shown below is not a classic “wall of worry” and its not a “bottom” that’s being put in. This market is dumber than a mule, and the nation’s central bank and its counterparts around the world have made it so.

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