Sitting here watching CNBC's Erin Burnett raving about today's Wall Street surge -- DJIA up by more than 150 points as of 3 p.m. -- my natural pessimism looks for the cloud behind the silver lining. . . .Read the whole objective thing.
Well, good news for those who bought low (in March) and are now in a position to sell high. But does this mean that the market "bottom" is behind us and recovery awaits around the proverbial corner? I'm not persuaded. Today's rally is chiefly being attributed to good news from China, an independent variable. If I were playing the market, I'd be watching bonds very closely. The bond market is the canary in this fiscal coal mine. . . .
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