I hope you'll forgive me for tooting this blog's horn a little bit. While we have many readers who followed us over from the progressive blogosphere, we also have many new readers from places like Seeking Alpha, Business Insider, and Abnormal Returns.
On August 8 of this year, the S&P 500 closed at 1119.46. The next day it set an intraday low of 1101.54. Then on August 10 it closed at 1120.76.
On August 12 Bonddad wrote that It looks like SPY's are forming a rounding bottom. On the morning of the 10th immediately after the intraday low, based on investor sentiment and several Doomer contrary indicators, I had written, BREAKING: THE BOTTOM IS IN!!!.
Indeed, that was a rounding bottom, and barring a catastrophe in the coming week, with the exception of the closing 10 minutes on October 3, when the S&P got 0.2% lower to 1098.92, that was the bottom for this entire year
Before you think of stopped clocks and such, this is the second year in a row in which this blog has called the yearly bottom in real time. On July 6, 2010, I wrote that market sentiment is a big, fat, hanging fastball and said it looked like we were close to a bottom. And sure enough, the intraday low of all of 2010 was the day before.
There are plenty of other contrarian but correct calls Bonddad and I have made over the last 5 years. Those of who who've known us all along, thanks for continuing to read us, and Welcome! to all of you newcomers.
Weekly Indicators will be posted tomorrow as usual. Aside from that, I'm taking a break for a few days, but hope to post year end wrap-ups on housing, oil, deleveraging, and a personal reminiscence.
Merry Christmas or Happy Holidays, whichever you prefer!