Safe On The Sidelines – – – 475 Days And Still Counting

On December 28 we laid out the reason why the Wall Street casino should be avoided at all hazards in a post entitled ‘Safe On the Sidelines – -405 Days And Counting.’ We referred to the fact that the S&P 500 had first crossed that day’s close at 2052 in November 2014, and had vibrated sideways ever since.
We are still counting. After today’s carnage the number has risen to 475 days, but our belief that the stock market casino has just begun its descent has only been further reinforced.

This post was published at David Stockmans Contra Corner by David Stockman ‘ January 4, 2016.