Word: bearishness
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More eye-catching was a report of more weakness in the manufacturing sector, and a bearish Commerce department report on construction spending, which declined at a seasonally adjusted 3.3% rate in February, confirming that the recession is still well in play...
...today, with the Dow Jones Industrials closing below the market low set back in November 2008. The Dow had dipped below the November low earlier in the week but finished the day higher. Thursday's close below the November low is to some a confirmation of the market's bearish trend, implying lower prices ahead. The Dow index, which finished the day at 7465.79, is down 10% over the last eight trading days, and is also at a new five-year low. (See the top 10 Dow Jones drops of all time...
...given all the worrisome economic news and negative market momentum, what would it take to turn a market bullish? Says Roth: "I'd become more bullish if I saw traders get very bearish and sell out, taking short interest much higher relative to volume." Beyond that sort of investor capitulation he'd also become more bullish, he says, if there were a big drop in long-term interest rates, especially in corporate bonds, which could prompt investors to shift their focus to stocks. At the moment, he says, it's a waiting game...
Harvard should instead take advantage of this bearish market to hire even more professors. This would be a smart investment, as the competition for sought-after talent is particularly diminished this season...
...Market sentiment during the last few Years of the Ox has, in fact, been more bearish than bovine. In 1997, Asia suffered a financial meltdown, while in 1973 the world was ravaged by oil shocks. Year of the Ox almanacs sold in Shanghai subways counsel patience and hard work in order to overcome 2009's potential market woes. Both virtues are considered attributes of those people born under its symbol. In fact, one of the leaders on whom the fate of the global financial system may well depend was born in a Year of the Ox: Barack Obama...