Less than one month ago, on May 25th Dan Dorfman and I had our final interview. I’ve known Dan since the early 1980s and those who saw him on Louis Rukeyser’s Wall Street Week or other national news channels including CNBC know he was a living legend, a trendsetter, an icon. I was shocked to learn of his passing this weekend. I will truly, truly miss him. He was a great man, a great journalist and a good friend. Please read Neal Cavuto’s tribute below which was broadcast on Fox News.
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STOCKS – ACTION ALERT – BULL – I BELIEVE CYCLICAL AND SEASONAL PATTERNS TO THE UPSIDE INTO THE FALL ARE NOW THE PREVAILING AND DRIVING FORCE TO THE EQUITY MARKETS HELPED BY THE EXCHANGE STABILIZATION FUND AND THE WORKING GROUP ON FINANCIAL MARKETS (THE PLUNGE PROTECTION TEAM) – WITH BERNANKE PROVIDING WALL STREET AND OBAMA A ‘PUT’ PROTECTING THEM TO THE DOWNSIDE.
Well, it’s ‘Turnaround Tuesday’ but also the first day the FOMC meets. With markets rallying yesterday, the greater probability is that we begin to pull back. Also, my current thinking is that with so much news behind the markets (the vote in Greece, the FOMC meeting, the G-20 meeting, etc.) this week, we may see the markets back off a bit anyway unless some newer ‘market moving’ positives unfold such as a dramatic announcement that QE3 is now being implemented. That I do not expect, even though secretly it is very likely being implemented which, unfortunately, is the modus operandi of the Fed for decades. There is too much at stake. For one – Bernanke’s job. We know if Obama is not re-elected Bernanke is likely heading back to Princeton University.
Adding to the short-term bearish case today is the fact volume slowed to the upside on Monday and the fact many indexes were up five or six days in a row.
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