Aktiemarkedsklima stadig på “Crash Warning”

Fra Hussman

The Market Climate remains on a Crash Warning… but we have to allow for the possibility of the usual fast, furious bear market rallies that can occur after the market becomes oversold. In short, near term direction is a coin toss, but the next few days could involve a sizeable move one way or another. Overall, our position remains defensive, but we’re managing our risks in a way that accommodates the possibility of a bounce. It’s unfortunate, in my view, that investors have so much faith that a monetary easing can and will bail out the economy and the stock market. My view is fairly simple – the economic boom we’ve enjoyed has been driven by an inordinate amount of leverage, much of it of very poor credit quality, and by capital spending financed through the import of foreign savings. In an environment where demand for new capital investment was strong, easy bank credit and ample foreign savings fed extremely good economic growth rates. But I believe we are past that point here.”