What you don't see at Market Bottoms: Halloween Edition
It is said that while bottoms are events, tops are processes. Translated, markets bottom out when panic sets in; therefore, they can be more easily identifiable. By contrast, market tops form when a series of conditions converge, but not necessarily all at the same time.We have stated that while we don’t believe the stock market has made its final cyclical top, we are in the late stages of a bull market (see Four Steps, Where’s the Stumble?). Nevertheless, psychology is becoming a little frothy, which represents the pre-condition for a major top.
As a result, we are publishing another report in a series of the “things you don’t see at market bottomsâ€, where we are seeing widespread signs of investor euphoria.
We are creators of independent equity research. The Pennock Idea Hub team are veterans of the investment industry. Much of our team has spent their careers at Merrill Lynch, Deutsche Bank, RBC Capital Markets and Wood Gundy. We have taken every aspect of research back to the studs and returned to first principles. The Pennock Idea Hub marries the interests of the sell and buy side.
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