'After 10 years of being on steroids, I’d say this market is very fragile. I was looking for something to turn the bull market out. The virus was the needle that pricked the bubble.'
After another worst-session since 1987 for the Dow industrials DJIA, +5.19%, complete with 3,000-point drop, some green has been lighting up the screens this morning
Our call of the day comes from a forecaster who escaped this bear market by exiting 90% of stocks before the virus started to grip the world, after he warned months prior of too much optimism for equities. Yves Lamoureux, the president of macroeconomic research firm Lamoureux & Co. who correctly predicted a panic event of 2018, now sees a series of rolling bear markets ahead.
He believes markets may be reaching the end of the current selloff — though it will expose overindebted companies and consumers — and that should open up opportunities to selectively pick companies. But it isn’t over. The chart Saxo Bank’s chief investment officer Steen Jacobsen shares this chart of past and present bear markets.
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