Definition of a 'Dead-Cat Bounce"!!!

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Just a quick update on markets….

Take a look at the chart below.  It shows the S&P-futures contract activity today, starting in the overnight session and continuing through the 4pm cash market close.

The overnight bounce took the market to the day’s highs just as the bell rang to open the NYSE at 9:30am.   It struggled to maintain the higher levels, and then at 3pm, almost as if a siren had been sounded, the market just tanked!

As I mentioned in my last missive, I’ve done quite a bit of selling and am currently sitting w/a much larger than usual cash position.  The sell-off of recent days has created, and is likely to continue to create, seeming opportunities to buy quality companies at lower valuations.  I have a “shopping list” targeting just such names, but today’s activity suggests that patience will pay off.

Will keep you posted….and again, I invite emails/calls to address any questions or thoughts.

Best,

Ed 

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