Amazing how many of CNBC’s guest pundits today were blessed with the gift of perfect market timing.
We watched a fair bit of CNBC at the end of last week (see our LIVE AT THE MARKET CRASH), and mostly we recall a parade of gloom and doom and “never seen anything like this before.” And we watched a fair bit of CNBC today, too, and mostly we recall a parade of proud pundits saying, “Well, of course, we started buying last Thursday and Friday.”
Our question: Where were these folks last Thursday and Friday?
And another question: Where do they think the market is going tomorrow?
Never mind. We know the answer:
“Well, obviously we were incredibly bullish at the end of last week when valuations hit historic lows and the market was so oversold. Today, we’re less bullish because the market has come so far so fast, but, you know, there’s probably still a bit of a trade here. That said, as we’ve always said, we think we’re in a secular bear market, so we’d be more cautious about buying into the rally at this point. That is until we get more confirmation that we’ve in fact hit the bottom and we can be confident that the rally is real and we’ll see more upside.”
And, yes, we also know the answer to the question that will be asked this time next week:
“As we said last week…”