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Don't Trust the Rally

12/30/2014

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In my post Emerging Markets Exodus is Americas Gain I laid out a bullish thesis for American equity markets and the USD. I stand by that bullish thesis but there is simply too much bullshit floating around in this market to ignore the imo much stronger bearish thesis.

QE Built an unprecedented house of cards.

Oil has crashed wrecking havok on not only the energy sector but entire nations.

This is now going on one of the historically longest bull market rallies in history with virtually no significant corrections.

As the indices relentlessly press new highs, under the surface many stocks have been hit hard and are already in their own respective bear markets.

The real American economy isn't doing well. We have very low and stagnant labor force participation as % of population.

Young people can't find jobs and the bulk of the jobs they can find are crap service jobs. They certainly can't afford to buy houses.

Rates are Rising! That alone might be enough to cause a recession.

It's probably wiser to just daytrade this market but if you are swinging use caution and don't fool yourself into thinking this market is all roses. People are insanely optimistic right now and there are very serious major headwinds for this market heading into 2015.



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    R. J. Sullivan IV

    Equity Research
    Portfolio Management
    ​Trading

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