Short Term Bear Case Takes Upper Hand

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Short Term Bear Case Takes Upper Hand

In my last commentary I contemplated the short term bear vs. bull case. Starting off this week, indeed, the bear case is taking the upper hand.

Why?

•  Part of it is that earnings season is mixed at best
•  Part of it is that GDP was not as strong as advertised
•  Part of it is that debt problems in Greece and Portugal are escalating
•  And part of it is that stocks have rallied hard for over a month and are now tired.

Add it all up and you can understand why Monday is likely not the last day in the red we will see for a while. So expect a bit more of a correction before stocks are ready to advance towards the old highs of 1370 on the S&P.