Three Very Wise Men’s brief take on the Stock Market

Posted by Mark Leibovit Dennis Gartman and Richard Russell

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Comment on the Stock Market by Mark Leibovit:

There are many bemoaning the fact that this rally has lacked volume, especially over the last week or so. The reality of the matter is that this entire rally phase off of the March low has been on subpar volume. This entire rally has been due to the cheap money policies of the Fed which allows banks access to interest free money that ends up in the equity markets. Joe six pack has not been a participant as the equity market is now the personal casino of big banks. It will be interesting to see how the equity market reacts when the bond market forces interest rates higher regardless of what the Fed’s intentions are. For now, market momentum is pointing higher.

However, I am on the lookout for the possibility of a sharp correction within the first quarter of 2010. At the moment I am not acting on that belief, but I would caution chasing the market at this time. Even if my scenario for overall market strength well into 2010 materializes, I am confident we will be given an opportunity to purchase at lower levels.


More kudos – Mark Leibovit was named the #1 Intermediate Market Timer for the 10 year period ending in 2007; the #1 Intermediate Market Timer for the 3 year period ending in 2007; the #1 Intermediate Market Timer for the 8 year period ending in 2007; and the #8 Intermediate Market Timer for the 5 year period ending in 2007. NO OTHER ANALYST SURVEYED APPEARED IN ALL FOUR CATEGORIES FOR INTERMEDIATE MARKET TIMING AS PUBLISHED IN TIMER DIGEST JANUARY 28, 2008!
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Comment on the Stock Market by Dennis Gartman:

EQUITIES AROUND THE WORLD ARE AGAIN A BIT BETTER, with our Int’l Index rising 0.3%, or 23 “points” better than where it stood the day previous. We have been, for the past several weeks, bullish of equities, but “hedged” with a long position in the US dollar, betting upon the notion that the widely held thesis that stocks may only rise as the dollar falls shall prove ill-advised.  Since the trade’s inception our thesis has held and we are comfortable holding the position a while longer, but fearful that the stock side of the trade, which has “carried the water” thus far, may stumble, leaving it to the dollar side to pick up the slack.

This brief initial comment  from the Legendary Trader Dennis GartmanFor subscription information for the 5 page plus Daily Gartman Letter L.C. contact – Tel: 757 238 9346 Fax: 757 238 9546 or HERE to subscribe at his website.


Comment on the Stock Market by Richard Russell:

It’s easy to be deceived by the near-term picture. By that I mean it’s easy to lose perspective when you are struggling with the daily and even the weekly market action.

Over the long-term, the big fundamental picture will often reveal itself. For instance, consider this. In January 2000, the Dow was selling for just over 11000. At the same time gold was selling for about $280 an ounce.

Today the Dow is selling for about 10500, actually below its year 2000 price. Gold is selling for over 1100, four times its year 2000 price. So what does that tell us? Gold has represented the standard for wealth for over 5000 years. Consequently the above tells us that the Dow and the stock market have failed to conserve our wealth.

Richard Russell has made his subscribers fortunes. One of the best values anywhere in the financial world at only a $300 subscription to get his DAILY report for a year. HERE to subscribe. Amongst his achievements Richard was in cash before the 2008/2009 Crash and he has been Bullish Gold since below $300