The Bottom's Not In------Why This Market Is Dumber Than A Mule - Contra Corner PM Edition - March 26, 2015

March 26, 2015

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The Bottom's Not In------Why This Market Is Dumber Than A Mule

By David Stockman

They're trying to put in a bottom-----again! The sell-off earlier this week amounted to the sixth sizeable "dip" since November 20----so the market's ingrained reflex was back at work buying up the "bargains". But the roundtrip to the flat-line shown below is not a classic wall of worry and its not a "bottom" that's being put in. This market is dumber than a mule, and the nation's central bank and …

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Thomas Jefferson

Shall these governments be dissolved, their property annihilated, and their people reduced to a state of nature, at the imperious breath of a body of men, whom they never saw, in whom they never confided, and over whom they have no powers of punishment or removal, let their crimes against the American public be ever so great? Can any one reason be assigned why 160,000 electors in the island of Great Britain should give law to four millions in the states of America, every individual of whom is equal to every individual of them, in virtue, in understanding, and in bodily strength? Were this to be admitted, instead of being a free people, as we have hitherto supposed, and mean to continue ourselves, we should suddenly be found the slaves, not of one, but of 160,000 tyrants, distinguished too from all others by this singular circumstance, that they are removed from the reach of fear, the only restraining motive which may hold the hand of a tyrant.