You know the market is due for a serious bull move when perma-bears like Barron's Alan Abelson, high from the fumes off the recent selloff, think Armageddon is upon us.
He announces in his most recent weekly oeuvre nothing less than the end of the financial world as we know it. Judge for yourself (emphasis mine):
"Pure and simple, we've had three decades of mostly bull markets fed by cheap and abundantly available credit and an insatiable lust for leverage. That's fast coming to what we suspect will be a crashing end."
"Part and parcel of this epochal change will be a purge of the hedge funds, the private-equity operators, the investment banks driven by a casino mentality, who have served as the hallmarks of this gilded age now teetering toward its close. Their numbers and, more importantly, their profits will be drastically reduced."
Quite a terrifying depiction of a financial end-of-days day of reckoning or Abelson's special wet dream.
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