Sit Back and Relax
Last night at Chez Melvin, we focused on the search for maximum pessimism. The U.S. stock market has not exhibited this condition for some time now. It existed last year in Europe, but even most of those markets have bounced off the bottom. The Italian and Spanish markets that were in severe bear market conditions this time last year have recovered nicely and are in the black for the past year. Even the Greek markets have gone up over the past 52 weeks. Maximum pessimism is just not apparent among the global equity markets.
So, this must mean sell, right? Hardly, as I am not exactly finding maximum optimism either. Stocks are climbing the wall of worry after scaling the fiscal cliff to start the New Year. For every bull there is a bear, it seems, and a great deal of confusion among the so-called experts. Now is the time to sit back and enjoy the gains in the stocks you bought when everyone else was puking under the desk and scrambling to meet margin calls....654 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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