Stocks caught a bounce today, which was a little weaker than one might have expected given that it is a bounce off strong support.
I think part of the problem that the pros are having here is that they are having difficulty handing off their positions at these higher prices.
Those that have money are all in, and there are few bears. Those that don't have money, or who are eschewing the markets, are chasing new bubbles in housing, which looks like a fairly risky bet.
And underpinning it all is the very artificial and narrow 'recovery' that is leaving Main Street behind. I see great danger ahead.
You might hope that these jokers in New York, London, and Washington will wise up before they reap the whirlwind. And you might be wrong. Be careful with a fool.
Johnny Winter was professionally active until the time of his death near Zurich, Switzerland, on July 16, 2014. He was found dead in his hotel room two days after his last performance, at the Cahors Blues Festival in France on July 14, at the age of 70.RIP Johnny.
Have a pleasant evening.
