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'Still' Safe On The Sidelines - 501 Days And Counting

Submitted by David Stockman via Contra Corner blog,

On December 28 we laid out the reason why the Wall Street casino should be avoided at all hazards in a post entitled “Safe On the Sidelines - 405 Days And Counting.” We referred to the fact that the S&P 500 had first crossed that day’s close at 2052 in November 2014, and had vibrated sideways ever since.

We are still counting. After this week’s carnage the number has risen to 501 days, but our belief that the stock market casino has just begun its descent has only been further reinforced.

Wall Street's Biggest Permabull Just Slashed His Q4 GDP Forecast To 0.5%, Says "It May Be Too High"

Everyone knows the world's foremost Wall Street meteorologist, and sometime Deutsche Bank economist, Joe LaVorgna.

 

For those who are unfamiliar, Joe is the person who in 2014 blamed every. single. negative. data point on the weather.

 

Joe is also the economist who famously lost a forecasting face-off with Groundhog Phil.

 

But most notably, Joe is Wall Street's biggest permabull.

Or was.

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