Still Bearish
29th March 2008
The market is never boring! The Dow sold off 1.2% on the week. I expect fireworks on the last day of the quarter on Monday. I am still very comfortable having bearish bets on the financials and home builders. It seems that everybody wants to call a bottom but the massive deleveraging that is taking place in the economy will take years to unwind. I will admit that the steps the Fed has taken in the last few weeks appears to be helping.
- BA