And the words of the prophets are written on the subway walls and tenement halls and whispered in the sounds of silence.
To me, nothing is more representative of the low quality of the recent rally than the kinds of stocks which have been rising the most. Just look at this detritus:
To be blunt, I think the people piling into such issues are fools. They may have not looked foolish through yesterday, but I think the entire bounce higher is simply a pause in a much bigger trend.
As for today, it's nice to get some relief. As of this writing, the Dow is down triple digits. If it holds, we're going to wind up with another complete waste-of-time of a week, since the lurching up and down merely continues. Regardless, as we bid August farewell, we can look forward to September, which has the distinction of being the only consistently "down" month in the year.
I'll see you after the close.
