The major buy signal yesterday, December 26, came just as the market was breaking down, and the Dow made a 300-point reversal to the downside. I think I must take some credit for the turn. First, the market suffered its worst week of the year while I was on vacation and then enjoyed its greatest point gain ever since the day I came back and hosted my show on Fox Business - #CPEFFECT
All kidding aside, I was filling in for Stuart Varney yesterday, and I had the pleasure of interviewing Kevin Hassett. I was a little tough on him, only because the stakes were too high for one of those interviews where we gabbed about the idyllic economy.
The two big takeaways:
It’s also an interesting coincidence that the Dow Jones and S&P 500 both hit a 20% decline at intraday lows during the session.
The rally dovetails with my opinion that this is a semi-replay of Black Monday, October 19, 1987. The market crashed, and then put in two strong sessions:
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