Today's Barron's has on its cover a big bad snarling bear with the caption "THE BEAR'S BACK" then in smaller print "But there's no need to panic".
What's interesting about this is that on 4/28, the cover showed a smiling bull, in swimming trunks, dipping his left foot in a swimming pool under a bright blue sky (with, I'll give them that, a few barely noticeable minuscule bear-shaped clouds - cute I must admit). The headline read "FEELS GOOD" followed by "the water's looking calmer for stocks" all but inviting you to "wade back in" the stock market. This a mere 3 weeks (and a mere 100 DOW points) before the DOW double-topped just above 13,000 and then proceeded to swoon 2000 points to just above 11,000 where we are now. And this while some bloggers (shameless plug and blatant lack of humility) were yelling "Time to Get Short Again" .
So...are the same guys who told us to buy at the (intermediate) high to be listened to when they tell you to buy 2000 points lower and with the DOW in free fall? Hey, weirder things happen all the time in the markets but I'd be extremely careful.
P.S. If there is one article worth salvaging out of this week's Barron's, it's the guest appearance of Lawrence McMillan in the Striking Price column. I leave you with his very wise concluding paragraph:
"This market decline probably will end as all others have - with traders panicking and the VIX spiking upward."
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